Aditya Birla Renewables Ltd (ABRen), a subsidiary of Grasim Industries, has signed a definitive agreement to acquire 100 per cent of the equity shares and securities of Solenergi Power Private Limited, the holding company for the Sprng Energy group, from Shell Overseas Investment BV, a wholly owned subsidiary of Shell plc. The deal values the business at an enterprise value of $1.8 billion, or roughly Rs 17,200 crore, making it one of the largest transactions in India’s renewable energy sector by both value and scale.
The acquisition will lift Aditya Birla Renewables’ combined portfolio to 9.3 gigawatts, positioning the group among the largest players in India’s renewable energy industry. Sprng Energy brings a contracted portfolio of 5 GW, comprising 3.3 GW of operational capacity and 1.7 GW under construction, along with a broader connectivity and development pipeline.
ABRen said the deal combines its existing pan-India portfolio of around 4.4 GW, weighted toward the commercial and industrial segment, with Sprng’s complementary utility-scale platform, giving the combined entity a cumulative contracted portfolio of about 5 GW of assets. The company said acquiring an established platform lets it expand its footprint faster than developing projects from the ground up.
The transaction is proposed to be funded through a mix of debt and equity infusion from Grasim Industries and Global Infrastructure Partners, the infrastructure investment arm of BlackRock. With the deal, Aditya Birla Renewables is resetting its growth roadmap to target more than 20 GW of capacity in the coming years, even as it nears an earlier milestone of 10 GW.
Aditya Birla Group chairman Kumar Mangalam Birla said the acquisition reflects the group’s long-standing approach of building businesses at scale, drawing a parallel to its presence in building materials, metals, financial services and retail. He said the deal strengthens India’s energy transition and industrial competitiveness while building a foundation for sustained economic growth, adding that it positions the group to participate meaningfully in one of the largest energy transformations underway globally.
The transaction remains subject to regulatory approvals, including clearance from the Competition Commission of India and the Central Transmission Utility of India Limited, and is expected to be completed before the end of calendar year 2026.