Shell signs $1.55 billion deal to acquire India’s Sprng Energy group

Shell Overseas Investment B.V., a wholly owned subsidiary of Shell plc (Shell), has signed an agreement with Actis Solenergi Limited (Actis) to acquire 100 per cent of Solenergi Power Private Limited for $1.55 billion and with it, the Sprng Energy group of companies.

Solenergi Power Private Limited is incorporated in Mauritius and is the direct shareholder of the Sprng Energy group of companies in India.

Sprng Energy, headquartered in Pune, Maharashtra, will retain its existing brand and operate as a wholly owned subsidiary of Shell within Shell’s Renewables and Energy Solutions Integrated Power business.

The transaction is subject to regulatory clearance and is expected to close later this year.