Renewable energy boost: Aditya Birla Group to buy Shell-backed Sprng Energy; deal worth $1.8 billion
· Times of India
AI Briefing
- Aditya Birla Group's renewable energy arm to buy Shell-backed Sprng Energy for $1.8 billion.
- Deal includes final equity payment after adjusting debt, cash, and other transaction items.
- Acquisition aims to boost India's renewable energy sector with new investments.
Context
Aditya Birla Renewables Ltd has entered into an agreement to acquire Sprng Energy from Shell. The deal is worth $1.8 billion. Aditya Birla Renewables is the renewable energy arm of Grasim Industries.
The acquisition of Sprng Energy by Aditya Birla Renewables will boost the company's presence in the renewable energy sector. The final equity payment to Shell will be calculated after adjustments related to debt, cash, and other items.
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