Aditya Birla Renewables Limited, a subsidiary of Grasim Industries Ltd, has agreed to acquire 100% of Solenergi Power Private Limited from Shell Overseas Investment B.V., a wholly-owned subsidiary of Shell PLC, for an enterprise value of ₹17,200 crore. The transaction, signed on July 13, 2026, will add a contracted portfolio of approximately 5.0 GWp to the acquirer's renewable energy assets. This includes 3.3 GWp of operational capacity and 1.7 GWp of under-construction capacity, significantly expanding the company's footprint in the sector.

The Board of Directors of Aditya Birla Renewables approved the execution of the Share Purchase Agreement (SPA) to acquire the equity shares and securities of Solenergi Power Private Limited, an investment holding company incorporated in Mauritius. Solenergi Power holds Sprng Energy Private Limited and Sprng Solar Plus Private Limited. The aggregate equity consideration payable to the seller will be determined after adjustments for debt, cash, and other items as detailed in the SPA.

Transaction Details

The acquisition is proposed to be funded through a mix of debt and equity. It is subject to the receipt of necessary regulatory approvals, including from the Competition Commission of India and the Central Transmission Utility of India Limited. The transaction is expected to be completed on or before December 31, 2026.

Financials and Strategic Impact

Solenergi Power Private Limited reported a consolidated turnover of ₹1,253.4 crore for FY 25. The company's turnover stood at ₹1,156.5 crore in FY 23 and ₹1,158.1 crore in FY 24. The acquisition aligns with the group's long-term sustainability objectives and broader energy transition strategy, aiming to combine Aditya Birla Renewables' diversified pan-India portfolio of ~4.4 GWp with the target's utility-scale platform.

Upon completion of the transaction, Solenergi Power Private Limited and its subsidiaries will become subsidiaries of Aditya Birla Renewables Limited and consequently of Grasim Industries Ltd. The company confirmed that the transaction does not affect the payment of interest or principal on its listed non-convertible debt securities.

Grasim Industries has informed shareholders regarding the tax deduction at source (TDS) applicable to the dividend recommended for the financial year ended March 31, 2026. The company's Board recommended a dividend of ₹10 per equity share, subject to shareholder approval at the ensuing 79th Annual General Meeting. The payout will be made after deducting tax in accordance with the provisions of the Income-tax Act, 2025.

The applicable TDS rates vary significantly based on the shareholder's residential status and the documentation provided. For resident individuals, no tax will be deducted if the aggregate dividend during the tax year 2026-27 does not exceed ₹10,000. Other resident shareholders are subject to a 10% TDS, provided a valid PAN is on record. If the PAN is unavailable, invalid, or not linked with Aadhaar, the tax deduction rate increases to 20%.

Non-resident shareholders, including Foreign Institutional Investors and Foreign Portfolio Investors, face a standard withholding tax rate of 20% plus applicable surcharge and cess. However, this rate can be reduced if the shareholder provides a valid certificate under Section 395 of the Act or if they opt to be governed by the provisions of a Double Taxation Avoidance Agreement (DTAA). To avail DTAA benefits, non-resident shareholders must submit documents such as a Tax Residency Certificate, electronically filed Form 41, and a self-declaration confirming their tax residency and beneficial ownership status.

Specific categories of shareholders, such as insurance companies, mutual funds, and Alternative Investment Funds, may qualify for nil or lower tax deduction upon submission of self-declarations and relevant documentary evidence. The company has specified that nil or lower tax will be deducted for entities like the National Pension System Trust, recognized provident funds, and business trusts, provided they submit the requisite declarations and proof of exemption.

The following table summarizes the TDS rates applicable to different categories of shareholders:

Shareholders are required to submit necessary documents, including self-declarations and PAN copies, to the company's registrar and transfer agent, KFin Technologies Limited, by July 31, 2026. Documents can be uploaded via the specified portal or sent via email. The company emphasized that failure to provide the necessary information by this deadline will result in tax deduction at the higher prescribed rates, and no requests for revision will be considered after the date.