Grasim arm to buy Solenergi Power at enterprise value of INR 172 bln
This story was originally published at 21:34 IST on 13 July 2026
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--Grasim Ind arm to buy Solenergi Power at enterprise value INR 172 bln
--Grasim Ind arm to buy Solenergi Power from Shell Plc's subsidiary
--Grasim Ind arm Aditya Birla Renewables to buy Solenergi Power
--Grasim Ind: To fund Solenergi Power acquisition using mix of equity, debt
--Grasim Ind: Final payout for Solenergi Power to be adjusted for debt, cash
--Grasim Ind: Solenergi Power, arms' acquisition to add capacity of 5 GW-peak
MUMBAI – Grasim Industries Ltd. said Monday the board of its subsidiary, Aditya Birla Renewables Ltd., has approved the acquisition of Solenergi Power Pvt. Ltd. from Shell Overseas Investment B.V. at an enterprise value of INR 172 billion.
Aditya Birla Renewables has signed a definitive agreement to acquire 100% stake in Solenergi Power, which owns the Sprng Energy group of companies, Grasim Industries said in an exchange filing. Shell Overseas Investment is a wholly owned subsidiary of Shell PLC.
"This transaction is amongst the largest acquisitions in India's renewable energy sector both by value and scale," the company said in a release. "This transaction adds a contracted portfolio of ~5 GWp (gigawatt peak) capacity along with a strong connectivity and development pipeline," the release said. The capacity addition includes about 3.3 gigawatt-peak of operational capacity and around 1.7 gigawatt-peak of under-construction capacity.
The acquisition will be funded through a mix of debt and equity. The equity consideration payable to Shell will be determined after adjusting for debt, cash, and other items as specified in the transaction documents, the company said.
Solenergi Power is the holding company of Sprng Energy Pvt. Ltd. and Sprng Solar Plus Pvt. Ltd. Sprng Energy provides solar and wind power to electricity distribution companies in India.
Aditya Birla Renewables said this purchase, which could conclude by the end of 2026, will combine its presence in the commercial and industrial segment with Sprng Energy's complementary utility-scale platform. The company currently has a pan-India renewable energy portfolio of around 4.4 gigawatt-peak.
"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," Aditya Birla Group's Chairman Kumar Mangalam Birla said.
For Aditya Birla Renewables, this deal gives it a chance to expand its renewable energy footprint by acquiring an established platform rather than developing projects on a greenfield basis, it said. The deal is subject to approval from the Competition Commission of India and the Central Transmission Utility of India.
For the March quarter, Grasim had reported a net loss of INR 1.64 billion on revenues of INR 117.74 billion. Monday, its shares closed 2.2% lower at INR 3,144.30 on the National Stock Exchange. End
Reported by Anand JC
Edited by Saji George Titus
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