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.

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