Aditya Birla Renewables Limited (ABReN), a subsidiary of Grasim Industries Limited, has signed a definitive agreement to acquire 100 per cent of the equity shares and securities of Solenergi Power Private Limited (SPPL) from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell PLC, according to a regulatory filing by Grasim Industries.
The board of directors of ABReN, at its meeting held on July 13, 2026, approved the execution of a Share Purchase Agreement (SPA) for the acquisition, Grasim informed the BSE and the National Stock Exchange in a filing signed by Neelabja Chakrabarty, Company Secretary and Compliance Officer. SPPL, a private company limited by shares incorporated in Mauritius, functions as an investment holding company for Sprng Energy Private Limited and Sprng Solar Plus Private Limited (Jaisalmer SPV), the filing said.
The transaction values the business at an enterprise value of Rs 17,200 crore, or approximately $1.8 billion, making it one of the largest acquisitions in India’s renewable energy sector by both value and scale, according to a press release issued by ABReN. The equity consideration payable to the seller will be determined after adjustments for debt, cash and other items as detailed in the SPA, and the deal will be funded through a mix of debt and equity, including infusion from Grasim and funds managed by Global Infrastructure Partners, part of BlackRock, the release said.
SPPL, incorporated in September 2016, holds a cumulatively contracted renewable energy portfolio of about 5.0 GWp, comprising roughly 3.3 GWp of operational capacity and 1.7 GWp of capacity under construction, the disclosure showed. Its consolidated turnover stood at Rs 1,253.4 crore for FY25, up from Rs 1,158.1 crore in FY24 and Rs 1,156.5 crore in FY23.
The acquisition combines ABReN’s roughly 4.4 GWp pan-India portfolio, weighted toward the commercial and industrial segment, with Sprng Energy’s utility-scale platform, taking the combined capacity to about 9.3 GWp, the release said. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said the deal marked an important milestone in ABReN’s evolution and would put the company on course to scale to more than 20 GWp in the coming years. Aryaman Vikram Birla, Director of the Aditya Birla Group and ABReN, said the acquisition would rapidly accelerate the company’s ambition to build a top-tier renewable energy platform at national scale, while Jayant Dua, Business Head of ABReN, said the combination brought together complementary capabilities across project development, engineering, procurement, construction and asset management.
The transaction is subject to regulatory approvals, including clearance from the Competition Commission of India and the Central Transmission Utility of India Limited, along with the satisfaction of other customary conditions under the SPA, the filing said. It is expected to be completed on or before December 31, 2026. Neither the seller nor SPPL are related parties of the company, and no promoter or promoter group entities have any interest in the entity being acquired, the disclosure added.
Grasim Industries is listed on the BSE under scrip code 500300 and on the NSE under the symbol GRASIM.
