Grasim subsidiary expands green footprint via INR 172 billion acquisition of Sprng Energy

Aditya Birla Renewables Limited has agreed to acquire Sprng Energy from Shell for an enterprise value of INR 172 billion. The acquisition adds a 5 GWp clean energy portfolio, accelerating the company’s expansion into utility-scale power and positioning it toward a 20 GWp capacity target.

Aditya Birla Renewables Limited has entered into a definitive pact to acquire 100% equity of Solenergi Power Private Limited from Shell Overseas Investment B.V. The transaction, valued at an enterprise value of INR 172 billion, will absorb the Sprng Energy group of companies. Funding for the acquisition will be sourced via a combination of debt, equity from parent firm Grasim Industries Limited, and capital managed by Global Infrastructure Partners. Aditya Birla Renewables Limited operates as the clean energy arm of Grasim Industries, specializing in sustainable power solutions, while Sprng Energy is a utility-scale renewable platform with assets across India.

This transaction marks a significant consolidation wave within the South Asian green energy corridor, transferring a contracted portfolio of approximately 5 GWp-consisting of 3.3 GWp operational and 1.7 GWp under-development assets—to the acquirer. By absorbing these utility-scale capabilities, the firm effectively bridges its existing presence in the commercial and industrial segments, positioning itself to target a long-term operational capacity exceeding 20 GWp.

For the broader energy and infrastructure sectors, the exit of Shell from this specific platform highlights tactical portfolio rebalancing by international oil majors, even as domestic conglomerates aggressively scale up. The partnership with institutional heavyweights like BlackRock’s Global Infrastructure Partners underscores robust foreign direct investment interest in India’s decarbonization pathway. The transaction is projected to close before the end of 2026, subject to regulatory clearances, and is poised to reshape market share concentrations among the nation's top-tier independent power producers.