Aditya Birla Group buys Shell's Sprng Energy in USD 1.8 billion deal

The acquisition will be carried out through Aditya Birla Renewables Limited, a subsidiary of Grasim Industries, which has signed a Share Purchase Agreement to acquire 100 per cent equity shares and securities of Solenergi Power Private Limited (SPPL), the Mauritius-based holding company for Sprng Energy, from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell Plc. The transaction remains subject to regulatory approvals and other customary conditions.

According to the stock exchange filing and accompanying press release, the acquisition values Sprng Energy at an enterprise value of Rs 17,200 crore (about USD 1.8 billion) and adds a contracted renewable energy portfolio of around 5 GWp, including about 3.3 GWp of operational capacity and 1.7 GWp under construction. The acquisition is proposed to be funded through a mix of debt and equity.

Calling it one of the largest transactions in India's renewable energy sector, Aditya Birla Group Chairman Kumar Mangalam Birla said this acquisition brings together two highly complementary platforms and marks an important milestone in ABReN's evolution. "Together, we will have a diversified portfolio and a deep development pipeline that puts us on course to scale to 20 GWp+ in the coming years. More importantly, it positions us to participate meaningfully in one of the largest energy transformations underway anywhere in the world."

The filing said the acquisition will accelerate Aditya Birla Renewables' growth strategy by combining its existing diversified pan-India renewable portfolio of about 4.4 GWp with Sprng Energy's utility-scale platform, creating a combined portfolio of about 9.3 GWp.

It added that the transaction provides an opportunity to expand through an established renewable platform rather than developing projects on a greenfield basis and is aligned with the group's long-term sustainability objectives and broader energy transition strategy.

Aryaman Vikram Birla, Director, Aditya Birla Group and Aditya Birla Renewables, said, "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."

"Having almost achieved our ~10 GWp target ahead of time, we are now on track to double capacity in the next few years. This step-up reflects not just scale, but a sharper focus on quality, execution, and long-term value creation," he added.

Sprng Energy develops and operates utility-scale solar and wind power projects across India.

According to the filing, the company reported consolidated turnover of Rs 1,253.4 crore in FY25, up from Rs 1,158.1 crore in FY24.

The acquisition is expected to be completed on or before December 31, 2026, subject to approvals from the Competition Commission of India, the Central Transmission Utility of India Limited and other customary closing conditions. (ANI)