India’s Aditya Birla Group’s renewables arm to buy Sprng Energy from Shell | Today’s news

BENGALURU, July 13 (Reuters) – India’s Grasim Industries said on Monday its unit would buy Sprng Energy from British oil major Shell for $1.8 billion, including debt, making it one of the country’s largest renewable energy acquisitions.

The acquisition will add 5 gigawatts to the Aditya Birla Renewables unit’s portfolio and the group’s renewables portfolio to 9.3 GW.

The final equity value will be determined after adjustments for debt and cash, Grasim said.

The deal will be financed through a combination of debt, equity infusions from Grasim and funds managed by Global Infrastructure Partners, a unit of BlackRock.