Aditya Birla Group to buy Shell renewable energy unit in $1.8 billion deal

Indian conglomerate Aditya Birla Group announced that it is buying Sprng Energy, a renewable energy business that is part of British oil company Shell, in a deal worth $1.8 billion.

The group said the transaction is among the largest acquisitions in India’s renewable energy sector by value and scale. It said the deal would add five gigawatts of capacity to the company, along with connectivity and a development pipeline.

According to the group, the equity amount payable to the seller will be set after adjustments for debt, cash and other items. It said the deal will be funded through a mix of debt and equity infusion.

Kumar Mangalam Birla, chairman of Aditya Birla Group, said the company views India’s energy transition in the same way as its other businesses’ role in the country’s long-term growth. He said the deal is aimed at strengthening India’s energy future, improving industrial competitiveness and supporting sustained economic growth.

The transaction is expected to close by the end of the year. India has set renewable energy goals, while most of its electricity is still generated by coal-powered plants.