Aditya Birla Group and KKR have emerged as the two top contenders to buy Shell’s renewable energy firm Sprng Energy after binding bids were submitted by multiple suitors. Shell will now negotiate exclusively with Aditya Birla and KKR next week, following internal screening at its London headquarters. NIIF and Actis have been eliminated. The transaction is estimated at about $2 billion enterprise value. Sprng Energy runs a 5 GW generation portfolio with long-term contracted offtake.
NCLAT has set aside the Competition Commission of India’s Rs 301.6 crore penalty on Grasim Industries, directing the CCI to conduct a fresh hearing. The tribunal said Grasim was denied a chance to argue after the CCI disagreed with its own investigation wing’s findings. The dispute relates to alleged dominance in the viscose staple fibre market.
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