Birla Enters Renewables Top Tier With Rs One Point Eight bn Sprng Deal

17 Jul 2026 CW Team

Aditya Birla Renewables Limited (ABRL) has moved into the top tier of India's renewable energy sector with the acquisition of Sprng Energy from Shell in a transaction valued at Rs one point eight billion (bn). The deal marks the second change of ownership for Sprng after Shell purchased the independent power producer from Actis for Rs one point five five billion (bn) in 2022, when its operational portfolio stood at two point one gigawatt (GW) with a further zero point eight GW under development. ABRL will determine the equity consideration payable to Shell after adjustments for debt and cash.

The acquisition will be financed through a mix of debt and equity, with funding from Grasim and funds managed by Global Infrastructure Partners (GIP), which is part of BlackRock. GIP is a shareholder in ABRL and had committed to invest up to Rs 30 bn in the company in December 2025 at an enterprise value of Rs 146 bn. The structure is intended to protect ABRL's corporate balance sheet while enabling growth in renewable capacity.

Analysts noted that ABRL secured assets at a significant public market valuation discount by teaming with GIP for strategic funding, which reduced the need for heavy borrowing. Observers suggested Shell had exited amid low infrastructure yields, while ABRL may improve project margins by supplying green electricity directly to its energy intensive industrial units such as UltraTech Cement and Hindalco. The acquisition thus aligns asset ownership with industrial demand for decarbonised power.

ABRL reported revenue from operations of Rs nine point two four bn in FY26, an increase of 81 per cent from the prior year, while losses widened to Rs three point eight two bn from Rs three point four nine bn as depreciation and finance costs rose. The company's debt totalled Rs 146.35 bn at the end of March 2026. The deal is expected to reposition ABRL in the renewables market and to support its integration with the broader Aditya Birla Group industrial portfolio.

Infrastructure Urban

17 Jul 2026

Ion Exchange Wins USD 52.83 Million Supply Contract From Hyundai

Ion Exchange (India) (Ion Exchange) has been awarded an international contract by Hyundai Engineering and Construction Co., (Hyundai Engineering) for the supply of filtration units in the Middle East. The contract is valued at USD 52.83 million and is to be executed over a period of 18 months. The order aggregates to approximately Rs 5.03 bn based on the prevailing exchange rate. Delivery schedules and technical specifications will be governed by the contract terms. The scope covers manufacture and supply of filtration units to be deployed across projects in the Middle East and follows the pro..

3i Infotech Subsidiary Wins Talent Deployment Contract With Krung Thai Bank

3i Infotech (Thailand), a wholly owned step down subsidiary of 3i Infotech, has won a contract from Krung Thai Bank Public Company on nine July 2026. The order covers talent deployment to support application development, enhancement, testing and digital transformation programmes. Roles specified include full stack development, backend development in Java, frontend development using Angular, DevOps engineering, quality assurance and test automation, business analysis and solution architecture. The engagement reflects the subsidiary's continued focus on banking technology services in the region...

HFCL Secures Export Order For Data Centre Fibre Connectivity

HFCL (HFCL) has secured an export order worth US dollar (USD) 51.98 million (mn), equivalent to Rs 4,958 mn, for the supply of optical fibre cable based data centre connectivity solutions through its overseas wholly owned material subsidiary. The contract was awarded by an international customer and underscores HFCL's manufacturing capabilities, technological competence and product quality in global markets. The company stated the award arises from normal business operations and aligns with its export strategy. The scope covers the supply of optical fibre cable based data centre connectivity s..