Shell frontrunner in race to acquire Actis’ Sprng Energy

Oil and gas major Royal Dutch Shell has emerged as the frontrunner to acquire Sprng Energy, the Indian renewable platform of Actis, said people aware of the matter.

Shell’s offer that was submitted last week, valuing the portfolio at $1.75-1.8 billion inclusive of debt, is said to be higher than Singapore’s Sembcorp Industries, the only other contender who made a binding offer from a field of six who were earlier picked from the original list of 17 for due diligence, the people mentioned above added. The final six also included Adani Group, Canadian pension fund CPP Investment Board (CPPIB), ArcelorMittal and Australia’s infra-focussed fund Macquarie but none of the four submitted a formal offer on March 15, the deadline for the bid.