Grasim to acquire Shell-backed Sprng Energy in ₹17,200-crore deal

Grasim Industries is set to strengthen its presence in India's fast-growing renewable energy sector after its wholly owned subsidiary, Aditya Birla Renewables Ltd (ABReN), signed a definitive agreement to acquire Sprng Energy from Shell in a deal valued at ₹17,200 crore (around $1.8 billion), one of the largest transactions in the country's clean energy sector.

The acquisition will add a contracted renewable energy portfolio of around 5 GW to ABReN's existing 4.4 GW portfolio, creating a combined platform of approximately 9.3 GW. Of the acquired capacity, around 3.3 GW is operational, while 1.7 GW is under construction, substantially accelerating Grasim's renewable energy ambitions.

The transaction involves the acquisition of 100% equity shares and securities of Solenergi Power Private Limited (SPPL), a Mauritius-based holding company for Sprng Energy Private Limited and Sprng Solar Plus Private Limited, from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell Plc. The acquisition will be funded through a mix of debt and equity and is subject to regulatory approvals, including those from the Competition Commission of India (CCI) and the Central Transmission Utility (CTU). The deal is expected to close before December 31, 2026.

Strengthening Grasim's renewable energy platform

Grasim said the acquisition provides an opportunity to expand its renewable energy footprint through an established operating platform rather than developing projects on a greenfield basis. It also strengthens the Aditya Birla Group's presence across both the commercial and industrial (C&I) and utility-scale renewable energy segments, while advancing its long-term sustainability and energy transition strategy.

"Over a long arc of time, the Aditya Birla Group has built businesses at global scale that have contributed to India's long-term growth. This acquisition brings together two highly complementary platforms and marks an important milestone in ABReN's evolution," Kumar Mangalam Birla, chairman, Aditya Birla Group, said.

"Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale to 20 GW-plus in the coming years. More importantly, it positions us to participate meaningfully in one of the largest energy transformations underway anywhere in the world," he added.

Targeting 20 GW-plus capacity

Aryaman Vikram Birla, director, Aditya Birla Group and Aditya Birla Renewables, said the acquisition marks an important step in the company's expansion strategy.

"This acquisition is a pivotal moment in ABReN's evolution, rapidly accelerating our ambition to build a top-tier renewable energy platform at national scale. By integrating Sprng Energy's high-quality utilities portfolio with our C&I capabilities, we are significantly enhancing both the strength and resilience of our combined platform," he said.

He added that the company has almost achieved its 10 GW renewable capacity target ahead of time and is now on track to double capacity over the next few years, reflecting a sharper focus on quality, execution and long-term value creation.

One of India's largest renewable acquisitions

Sprng Energy, through its subsidiaries, owns a contracted renewable energy portfolio of around 5 GW and reported a consolidated turnover of ₹1,253.4 crore in FY25. The acquisition values the business at an enterprise value of ₹17,200 crore, making it one of the largest renewable energy M&A deals in India in recent years.

The deal is also expected to deepen Grasim's presence in utility-scale renewable energy while complementing ABReN's established C&I business, strengthening the Aditya Birla Group's position among India's leading integrated renewable energy platforms.

Shares of Grasim Industries ended 2.73% lower at ₹3,126 apiece on the NSE on Monday. Despite the day's decline, the stock has gained more than 13% over the past year, outperforming the benchmark Nifty 50 index, which has fallen nearly 4% during the same period.