Market Chatter: Grasim Industries Unit Set to Obtain $1.5 Billion Loan from Mitsubishi UFJ Financial

MT Newswires Live07-14

A unit of Grasim Industries (BOM:500300,NSE:GRASIM), owned by Aditya Birla Group, is set to obtain a $1.5 billion loan from Mitsubishi UFJ Financial Group (TYO:8306), Bloomberg reported citing people familiar with the matter.

Aditya Birla Renewables reportedly plans to use the funding to acquire Shell's Solenergi Power, which owns the Sprng Energy group of companies.

The acquisition, for which a deal was signed Monday, will add a 5-GWp contracted capacity to Aditya's renewables business.

The loan will have an interest rate of around SOFR+1.6% and a term of five years, according to the report, citing the people.

Mitsubishi UFJ Financial and Aditya Birla Group did not immediately respond to MT Newswires' requests for a comment.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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