Aditya Birla Group announced the acquisition of Shell Plc's Indian renewable energy platform, Sprng Energy, for an enterprise value of $1.8 billion (approximately ₹17,200 crore). This represents one of India's largest acquisitions in the renewable energy sector by both value and scale. The transaction, executed through Aditya Birla Renewables Ltd (ABRen), will substantially boost Aditya Birla Group's renewable energy capacity.
The acquisition adds a contracted portfolio of 5 GWp to Aditya Birla Renewables, which includes 3.3 GWp of operational capacity and 1.7 GWp currently under construction. Combined with ABRen's existing portfolio of approximately 4.4 GWp, the group's total renewable energy capacity will reach 9.3 GWp. This positions Aditya Birla Group as one of the largest players in India's renewable energy market, surpassing JSW Energy in renewables capacity. Following this deal, Aditya Birla Renewables has set a new ambitious target of achieving over 20 GWp of renewable energy capacity in the coming years, having nearly met its previous target of 10 GWp ahead of schedule.
The acquisition is proposed to be funded through a combination of debt and equity. State Bank of India (SBI) and Axis Bank are leading the syndicate for a ₹15,000 crore rupee term loan, with Japan’s MUFG also participating in financing discussions. The equity infusion will come from Grasim Industries and funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. The final equity consideration to Shell will be adjusted based on debt, cash, and other terms specified in the transaction documents. Shell initially acquired Sprng Energy from Actis in 2022 for $1.55 billion, making the current sale at $1.8 billion a approximately 16% gain over four years.
The deal underscores a strategic shift for Shell, as the company refocuses on its core exploration and production business, driven by shareholder pressure. For Aditya Birla Group, this acquisition is a significant milestone, integrating two complementary platforms and strengthening its position in the global energy transformation. The transaction is expected to be finalized before the end of calendar year 2026, contingent on regulatory approvals and other customary closing conditions.
