Aditya Birla Renewables gets bank commitments to buy Shell's renewables
Aditya Birla Renewables Ltd. just received up to ₹24,000 crore in loan commitments from top Indian banks to buy Shell's renewable energy business in India.
This deal will help them take over Solenergi Power, which controls a 5-gigawatt portfolio.
It's all happening thanks to new rules letting banks support big corporate takeovers.
Axis Bank, SBI pledge ₹7,000cr each
Axis Bank and State Bank of India have each committed up to ₹7,000 crore, while Union Bank of India and Punjab National Bank have offered credit lines of around ₹5,000 crore apiece, well above the original target of ₹14,000 crore.
Talks are also on with HDFC Bank and Kotak Mahindra Bank Ltd. for more backing.
The loans come with interest rates around 7.6% to 7.7%, to be paid back over 12 to 20 years, a sign that banks are getting bolder about lending for big deals like this.