Birla in RE top tier with Sprng buy
Mumbai, July 14 -- Billionaire Kumar Mangalam Birla has made his biggest bet yet on India's clean energy sector, acquiring Sprng Energy from Shell at an enterprise value of $1.8 billion. The deal will more than double the renewable power capacity of the Aditya Birla Group's clean energy business, vaulting it into the country's top tier of renewable energy companies and setting the stage for a faster expansion. Sprng has 3.3 gigawatts (GW) of operational capacity while another 1.7GW is under construction. Post acquisition, Aditya Birla Renewables Ltd's (ABRL) capacity will rise to about 9.3GW, a statement from the Aditya Birla Group said.
The acquisition will catapult ABRL into the country's fifth-largest renewable company, with 9.3GW of cap...
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