The Aditya Birla Sprng Energy acquisition — a $1.8 billion deal between Aditya Birla Renewables Limited and Shell — has emerged as one of the most significant M&A transactions in India’s renewable energy sector by both value and scale. Khaitan & Co advised the buyer, while Trilegal acted for the seller, bringing together two of India’s foremost law firms on a landmark cross-sector deal. The transaction was announced on 14 July 2026.
Introduction
Aditya Birla Renewables Limited (ABRen), a subsidiary of Grasim Industries, signed a definitive agreement to acquire 100% of the equity shares and securities of Solenergi Power Private Limited, which owns the Sprng Energy group of companies, from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc. Sprng Energy employees will continue employment with the new owner, supporting continuity for the workforce and ongoing operational reliability. The acquisition is subject to the receipt of key regulatory approvals, including approval from the Competition Commission of India (CCI) and the Central Transmission Utility of India Limited.
The acquisition is proposed to be funded through a mix of debt and equity infusion from Grasim and Global Infrastructure Partners, a part of BlackRock. The transaction is expected to be completed before the end of calendar year 2026, subject to the receipt of necessary regulatory approvals and the satisfaction of other customary conditions under the transaction documents.
Deal Value
The transaction values the business at an enterprise value of $1.8 billion (approximately ₹17,200 crore), and is among the largest acquisitions in India’s renewable energy sector, both by value and scale. The transaction value of $1.8 billion is subject to customary adjustments at closing, including net debt and capex adjustments.
Legal Teams Involved
Khaitan & Co — Advised Aditya Birla Renewables Limited (Buyer)
Khaitan & Co advised Aditya Birla Renewables Limited on its $1.8 billion acquisition of Sprng Energy from Shell Overseas Investments. The core deal team and supporting partners are listed below.
Core Deal Team:
- Haigreve Khaitan — Managing Partner
- Akhil Bhatnagar — Partner
- Kapish Mandhyan — Partner
- Bhagirath Ashiya — Partner
- Murugaveni Pillai — Principal Associate
- Ashana Shah — Senior Associate
- Madhav Chandan — Senior Associate
- Arjun Madan — Associate
- Ayushi Gupta — Associate
- Krisha Devani — Associate
- Shravani Bhide — Associate
Supporting Partners:
- Gahan Singh — Partner, Acquisition Financing
- Harsh Khemka — Partner, Insurance
- Anshuman Sakle — Partner, Competition Law
- Moin Ladha — Partner, Regulatory
- Vivek Mimani — Partner, Structuring
- Rolwine Alva — Partner, Structuring
- Sudheer Madamaiah — Partner, Real Estate
- Divya Chaturvedi — Partner, Dispute Resolution
- Srishti Rai — Counsel, Dispute Resolution
- Supratim Chakraborty — Partner, Data Protection
Trilegal — Advised Shell Overseas Investments B.V. (Seller)
Trilegal advised Shell Overseas Investments B.V., a wholly owned subsidiary of Shell plc, in connection with the sale of Sprng Energy, its India renewable energy platform, to Aditya Birla Renewables Limited. Trilegal advised Shell on all legal aspects of the transaction.
Corporate Team:
- Arnav Dayal — Partner
- Vishal Sagar — Partner
- Anisha Bhattacharjee — Counsel
Projects Team:
- Amar Narula — Partner
- Megha Kaladharan — Partner
- Naman Mittal — Counsel
Real Estate Team:
- Rahul Arora — Partner
- Nishtha Kaur Arora — Counsel
Significance and Impact
Sprng Energy is one of India’s leading renewable energy platforms, with a diversified portfolio of approximately 5 GW of contracted solar and wind assets spread across multiple states, and the deal ranks among the largest mergers and acquisitions in India’s renewable energy sector by both value and scale.
The deal also marks a major consolidation in India’s green energy sector, instantly expanding Aditya Birla Renewables’ portfolio to 9.3 GWp and positioning it among the top players in the space. The transaction will help Aditya Birla Renewables reset its growth roadmap, targeting 20 GW of capacity over the next few years.
Following completion, ABRen’s existing 4.4 GW portfolio, primarily focused on the commercial and industrial (C&I) segment, will be combined with Sprng Energy’s 5 GW utility-scale portfolio. This structural complementarity — combining C&I strength with utility-scale assets — forms the strategic core of the transaction. The deal is also notable for the breadth of legal expertise deployed, spanning acquisition financing, competition law, real estate, data protection, and dispute resolution across the Khaitan & Co team alone.
For further coverage of marquee Indian legal market transactions, see the Deal Meter.
The Aditya Birla–Sprng Energy deal stands as a defining transaction in India’s renewable energy transition, both for its scale and its legal complexity. Valued at $1.8 billion, the transaction is among the largest mergers and acquisitions in India’s renewable energy sector in terms of both value and scale. With Khaitan & Co and Trilegal steering their respective clients through a multi-disciplinary legal framework, this deal sets a benchmark for how large-scale green energy M&A will be structured and advised in India going forward.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
