Under the scheme, the renewable energy undertaking of Essel Mining & Industries will be transferred to Aditya Birla Renewables on a slump sale basis, as a going concern, without assigning individual values to assets and liabilities. The transaction will be carried out in accordance with applicable provisions of the Income Tax Act.
The board also approved the amalgamation of Electrotherm Renewables Private Ltd, a wholly owned subsidiary of Essel Mining, into Aditya Birla Renewables. In addition, three wholly owned subsidiaries of Aditya Birla Renewables — ABREL EPCCO Services Ltd, ABREL Renewables EPC Ltd and ABREL EPC Ltd — will be merged with the transferee company.
The proposed arrangement is aimed at creating a consolidated renewable energy platform with ancillary services, simplifying management and operational structures, and improving efficiencies through scale and synergies.
The scheme remains subject to approvals from shareholders and creditors, the National Company Law Tribunal, and other statutory and regulatory authorities.
Shares of Grasim Industries closed at ₹2,846 on the BSE on Monday, up 1%.
