Trilegal, Khaitan and Company Act on Sprng Energy’s Acquisition by Aditya Birla: In one of the largest and most significant mergers and acquisitions (M&A) the Indian renewable energy sector has ever seen, Aditya Birla Renewables Limited (ABRen) has signed a definitive agreement to acquire 100% of the Sprng Energy group of companies from oil major Shell plc.
The blockbuster deal, valued at an enterprise value of $1.8 billion (approximately ₹17,200 crore), represents a massive step forward in India’s ongoing clean energy transition. By absorbing Sprng Energy’s massive portfolio, Aditya Birla is instantly catapulting itself into the upper echelon of the country’s green developers.
What Aditya Birla is Gaining
Sprng Energy has established itself as one of India’s premier renewable energy platforms. The acquisition hands Aditya Birla a highly diversified, ready-to-use portfolio of approximately 5 Gigawatts (GW) of contracted solar and wind energy assets spread across multiple states.
Specifically, the deal includes:
3.3 GW of fully operational projects already generating clean power.
1.7 GW of contracted projects currently in various stages of construction.
This acquisition is highly strategic. Up until now, Aditya Birla Renewables’ strength lay heavily in the Commercial & Industrial (C&I) segment—providing tailored solar and wind power directly to businesses and factories. By integrating Sprng Energy’s massive utility-scale projects (which feed power directly into state and national power grids), Aditya Birla is marrying corporate energy solutions with large-scale public power distribution.
Behind Shell’s Strategy to Sell
The sale marks a strategic shift for British energy giant Shell. Shell acquired Sprng Energy in 2022, but has recently pivoted under its “asset-backed trading” strategy. Under this approach, the company is high-grading its global power portfolio and recycling capital to focus more heavily on flexible generation, energy trading, and higher-return retail segments like lubricants and electric mobility.
Even with the divestment, Shell executives emphasized that India remains a vital market for its gas, downstream mobility, and lubricants businesses.
The Legal Teams Behind the Deal
Executing a transaction of this scale and complexity required a massive legal effort, handled by two of India’s top law firms.
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Advising the Buyer: Khaitan & Co
Khaitan & Co acted as the legal counsel for Aditya Birla Renewables. The core M&A deal team was led by Managing Partner Haigreve Khaitan, alongside Partners Akhil Bhatnagar, Kapish Mandhyan, and Bhagirath Ashiya. They were supported by Principal Associate Murugaveni Pillai, Senior Associates Ashana Shah and Madhav Chandan, and Associates Arjun Madan, Ayushi Gupta, Krisha Devani, and Shravani Bhide.
To navigate the multifaceted transaction, the core team drew on specialized expertise from across the firm:
Acquisition Financing: Gahan Singh (Partner)
Structuring: Vivek Mimani and Rolwine Alva (Partners)
Competition Law: Anshuman Sakle (Partner)
Regulatory & Data Protection: Moin Ladha and Supratim Chakraborty (Partners)
Real Estate: Sudheer Madamaiah (Partner)
Dispute Resolution: Divya Chaturvedi (Partner) and Srishti Rai (Counsel)
Insurance: Harsh Khemka (Partner)
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Advising the Seller: Trilegal
Trilegal represented Shell Overseas Investments B.V. on all legal, regulatory, and corporate aspects of the transaction.
The Trilegal team was steered by Partners Arnav Dayal and Vishal Sagar, alongside Counsel Anisha Bhattacharjee. They were supported by highly specialized practice groups within the firm:
Projects Team: Amar Narula (Partner), Megha Kaladharan (Partner), and Naman Mittal (Counsel)
Real Estate Team: Rahul Arora (Partner) and Nishtha Kaur Arora (Counsel)
Accelerating India’s Green Future
This acquisition highlights a broader trend of rapid consolidation in the Indian renewable sector. Rather than building projects entirely from scratch—which involves years of negotiating land acquisitions, securing grid transmission access, and navigating local regulatory approvals—conglomerates like Aditya Birla are opting to buy existing, high-performing platforms to gain immediate scale.
With the transaction expected to close by the end of 2026, the deal ensures complete operational continuity; all current Sprng Energy employees will transition over to Aditya Birla. This mega-acquisition positions the combined entity to aggressively target a future pipeline of over 20 GW, reinforcing India’s push to hit 500 GW of non-fossil fuel capacity by 2030.
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