New Delhi, India — Aditya Birla Renewables Limited has signed a definitive agreement to acquire Shell’s India-based renewable energy platform, Sprng Energy, in a transaction valued at an enterprise value of approximately ₹17,200 crore, or $1.8 billion. The deal is subject to regulatory approvals and other customary closing conditions.
Under the agreement, Aditya Birla Renewables will acquire 100% of the equity shares and other securities of Mauritius-incorporated Solenergi Power Private Limited from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc. Solenergi Power is the holding company for the Sprng Energy group, including Sprng Energy Private Limited and Sprng Solar Plus Private Limited.
Sprng Energy has a contracted renewable-energy portfolio of approximately 5 GWp, comprising around 3.3 GWp of operational capacity and 1.7 GWp of projects under construction. Its portfolio includes solar and wind power assets supplying electricity to distribution companies across India.
The acquisition will expand Aditya Birla Renewables’ existing pan-India portfolio of approximately 4.4 GWp, taking the combined contracted capacity to around 9.3 GWp. The transaction will combine Aditya Birla Renewables’ presence in the commercial and industrial renewable-energy segment with Sprng Energy’s utility-scale platform, operating assets, development pipeline and contracted cash flows.
Aditya Birla Renewables said the acquisition would be funded through a combination of debt, equity infusion from parent company Grasim Industries, and capital from funds managed by Global Infrastructure Partners, which is part of BlackRock. The final equity consideration payable to Shell will be calculated after adjustments for debt, cash, capital expenditure and other items specified in the transaction documents.
Commenting on the agreement, Kumar Mangalam Birla, Chairman of the Aditya Birla Group, said the transaction brings together two complementary renewable-energy platforms and places the business on a path to scale beyond 20 GWp over the coming years.
Shell said the divestment forms part of its strategy to adjust and streamline its global power portfolio. The company also confirmed that Sprng Energy employees will continue with the new owner, supporting workforce continuity and the ongoing operation of the portfolio.
The acquisition requires approval from the Competition Commission of India and the Central Transmission Utility of India Limited. Subject to these approvals and the completion of other conditions under the share purchase agreement, the transaction is expected to close on or before December 31, 2026.
Aditya Birla Renewables, a subsidiary of Grasim Industries, develops and operates solar, wind, hybrid, floating-solar and battery-storage projects across India. Sprng Energy was established in 2017 and was acquired by Shell in 2022 as part of the energy company’s renewable-power portfolio.
