Nebras Power may invest $400 mn in green energy arm; Grasim Industries trades lower

Nebras Power plans to invest around $400 million as part of a proposed 51:49 JV between the two parties, sources have said.

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Shares of Grasim Industries fell 0.43 percent at the open on December 19, a day after it was reported that Grasim Industries’ clean energy arm was in advanced talks with Qatar’s Nebras Power for investment in the renewable energy business. At 9:40 am, the stock was trading at Rs 2,100.60.

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On December 18, Moneycontrol reported that Kumar Mangalam Birla-led Aditya Birla Group has entered advanced stage negotiations with Middle Eastern firm Nebras Power to scale up its renewable resources business (Aditya Birla Renewables) which is a part of Grasim Industries.

Also read: Grasim Industries’s clean energy arm in advanced talks with Qatar’s Nebras Power for investment

According to reports, this development comes as the conglomerate is looking to induct a strategic investor and scale up its renewable energy business. Nebras Power plans to invest around $400 million as part of a proposed 51:49 JV between the two parties, sources have said.

In Q2FY24, Grasim Industries reported a net profit of  Rs 1,163.75 crore, a 15.31 percent increase from Rs 1,009.17 crore in Q2FY23. Revenue for the same period grew 9.95 percent to Rs 30,220.68 crore from Rs 27,485.54 crore in the previous fiscal. EBITDA for the reporting quarter was Rs 4,509 crore, a 19 percent YoY increase from the previous fiscal. In August 2023, Aditya Birla Group chairman Kumar Mangalam Birla had said that Aditya Birla Group will treble its power generation capacity by the end of this financial year.

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