BlackRock’s GIP to invest ₹3,000 crore in Aditya Birla Renewables at ₹14,600 crore valuation

Global Infrastructure Partners (GIP), now a part of BlackRock, has proposed to invest up to ₹3,000 crore in Aditya Birla Renewables Limited (ABREN)—the Aditya Birla Group’s renewable energy holding company and a wholly owned subsidiary of Grasim Industries—for a minority stake. The investment pegs ABREN at an enterprise value of about ₹14,600 crore.

The deal includes a committed investment of ₹2,000 crore (approximately $225 million) and a greenshoe option for an additional ₹1,000 crore (around $110 million), according to a statement released by ABREN.

The transaction is subject to statutory and regulatory approvals and other customary conditions, it said.

According to the company, this is one of the largest primary commitments by a private equity player in a renewable platform in India.

ABREN has built a renewable energy portfolio of around 4.3 GW across 10 states, comprising solar, hybrid, floating solar, and round-the-clock renewable power assets.

Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said the investment comes at a crucial time as India undergoes a major energy transition and supports the company’s target of scaling its capacity to over 10 GW in the coming years.

“India stands at the cusp of an energy transformation, arguably one of the largest anywhere in the world. The scale of the renewables opportunity in India is extraordinary, driven both by the urgent imperative of decarbonisation, and the sheer arithmetic of demand,” he said.

He added that GIP’s investment marks a pivotal moment in the company’s growth journey, providing a strong foundation for the accelerated expansion of its renewables platform as it targets a capacity of over 10 GW in the coming years.

“Their global leadership in owning and operating some of the most sophisticated energy assets worldwide brings both rigour and reach to our ambition. At the Aditya Birla Group, we see our renewables business emerging as a powerful growth engine for the Group—technologically advanced, capital-efficient, and deeply aligned with the future India is building,” he said.

Jayant Dua, Business Head, ABREN, said, “…We look forward to this partnership with GIP as we build on our competitive positioning in the renewables sector in India…We aim to build a comprehensive renewables platform with a presence across all major technologies, focussing on both Commercial and Industrial (C&I) segment and utility-scale projects.”

Raj Rao, GIP President and Chief Operating Officer, said GIP’s experience in infrastructure worldwide, combined with Aditya Birla’s technical, operational, and industrial capabilities, aims to develop Aditya Birla Renewables into a leading renewable energy platform that can contribute to Indian industry’s decarbonisation objective.

“Our investment reflects GIP’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India," he added.