Indian conglomerate Aditya Birla Group has received a bank loan of 240 billion rupees ($2.5 billion), which is 70% higher than the planned amount of 140 billion rupees for the acquisition of Shell Plc assets in the Indian renewable energy sector. This is reported by foreign media.
As part of the deal, Aditya Birla Renewables Ltd. It will buy out 100% of the shares of Solenergi Power Pvt. and gain control over a portfolio of 5 GW of generating capacity in India. At the same time, Solenergi owns Sprng Energy, which manages Shell's renewable energy assets in India.
Axis Bank and State Bank of India have allocated 70 billion rupees each, while Union Bank of India and Punjab National Bank have offered credit lines worth 50 billion rupees each.
Aditya Birla, controlled by Indian billionaire Kumar Birla, is also in talks with several other major banks, including HDFC Bank Ltd. and Kotak Mahindra Bank Ltd. to provide borrowed funds.
The deal demonstrates the significant interest of banks in large corporate transactions in competition with international companies in financing M&A transactions in India worth over $40 billion. From July 1, Reserve Bank of India He allowed local banks to finance corporate acquisitions in order to develop the economy.
Aditya Birla Group is a large Indian diversified conglomerate with headquarters in Mumbai (India). The company owns assets in 40 countries and unites dozens of companies in various sectors of the economy. The staff includes 187 thousand people.
Shell plc is a British multinational oil and gas company with headquarters in London (England). Shell shares are listed on the London Stock Exchange (LSE), Euronext in Amsterdam and the New York Stock Exchange.
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