Grasim Industries' board has approved a scheme to consolidate its renewable energy operations under Aditya Birla Renewables Limited (ABREL). This plan involves transferring the renewable energy business of Essel Mining & Industries Limited (EMIL) to ABREL through a slump sale. Additionally, Electrotherm Renewables Private Ltd, a subsidiary of EMIL, and three subsidiaries of ABREL (ABREL EPCCO Services Ltd, ABREL Renewables EPC Ltd, and ABREL EPC Ltd) will be merged into ABREL.

The goal of this restructuring is to create a unified platform for the renewable energy business, streamline operations, and improve efficiency through synergies. The scheme is subject to various approvals from shareholders, creditors, the National Company Law Tribunal (NCLT), and other regulatory bodies. It also includes financial aspects like the issuance of equity shares.

This consolidation follows an investment commitment of up to Rs. 3,000 crores by Global Infrastructure Partners (GIP) for a minority stake in ABREL to support its growth.