Grasim to buy Sprng Energy for ₹17,200 crore, adding 5GW solar portfolio
Grasim Industries said it will acquire Sprng Energy in a strategic move to speed up the expansion of its renewable energy business. The deal values a 5GW solar portfolio—about 3.3GW operational and 1.7GW under construction—at ₹17,200 crore, below the cost of building comparable greenfield capacity. The renewable segment’s revenue is projected to rise from about ₹900 crore in FY26 (around 2% of group revenue) to ₹4,446 crore in FY28 (around 8%), according to Motilal Oswal Financial Services. The transaction is expected to be largely debt-funded and could lower standalone FY28 EPS estimates by about 8%, though leverage is described as moderate with net debt of ₹36,915 crore and a debt-to-equity ratio of 0.3.