Market Chatter: Shell Nears Sale of Sprng Energy's India Business to Aditya Birla

MT Newswires Live06-15

Shell's (SHEL) Sprng Energy Indian renewable power business could be acquired by Aditya Birla Group, which has emerged as the frontrunner for the unit, Bloomberg reported Monday, citing people familiar with the matter.

An agreement for the unit could be signed in the coming weeks, according to the report. Shell is seeking a valuation of around $1.8 billion for the unit, but terms could change, Bloomberg cited the sources as saying.

A Shell representative told Bloomberg the company is in initial discussions with potential partners interested in Sprng Energy and that it is too early to comment on any outcome.

Shell did not immediately reply to MT Newswires' request for comment. Aditya Birla declined to comment to Bloomberg and could not immediately be reached by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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