Grasim Industries

By Nidhi C Sai

Aug 18 - Succession planning in Indian companies has shot up the list of concerns for investors after rearing its head again at one of the country's oldest and internationally best-known conglomerates.

Tata Sons will be searching for a new chairman after N. Chandrasekaran announced his decision last week to step down when his term ends amid tensions with its largest shareholder, reigniting a broader debate about how India’s biggest business houses transfer power.

What does a good corporate succession strategy really look like? Write to me at [email protected]

Also, the world's largest spirits maker, Diageo DGE.L, has agreed to change the formulation of some of its popular whisky and rum drinks in India. Scroll down for more in this week's must-reads.

THIS WEEK IN ASIA

Trump says North Korea's Kim has responded to his overtures

China's recovery sputters as consumption, output lose steam

Shein cuts company valuation to around $25 billion in Hong Kong IPO, sources say

From coffee to hotpot, brands race to grab a bite of China's growing burger market

Indonesian mother 'grateful' after emergency birth during 7.7 quake

TATA’S LEADERSHIP TEST

Growing up in Jamshedpur in eastern India, it was hard for me to not develop a soft spot for the Tata Group. The city, also known as Tatanagar, was built around Tata Steel TISC.NS, but the company's influence extended far beyond the factory gates, shaping schools, hospitals, parks and sports facilities. The Tata name resonated more with people as a civic institution than as a corporate brand.

That perception makes the latest developments at the salt-to-software conglomerate especially striking.

Chandrasekaran decided to quit as chairman after failing to secure board backing amid tensions with the Tata Trusts, putting succession at the centre of the 158-year-old group's future.

The Trusts own 66% of Tata Sons and are now setting up a committee to recommend his successor. Also read how Noel Tata is emerging as power broker in the group's succession.

But the bigger question is not simply who takes the chair. It is the rocky relationship between ownership and management in India's storied business group, where a charitable trust controls the holding company, while more than 30 operating businesses have their own boards and executives.

The disruption is familiar. Tata Sons ousted Cyrus Mistry as chairman in 2016 after his clash with group patriarch Ratan Tata. Now another chairman is leaving amid tensions with the controlling trusts.

Shriram Subramanian, founder and managing director of proxy adviser InGovern Research Services, says the episode exposes both a succession-planning and governance problem.

"There has to be a smoother, named, planned transition and handover," Subramanian said.

That may be the bigger lesson for Tata — and for India's corporate houses.

ALL WITHIN THE FAMILY

India's biggest conglomerates are adopting their own ways of addressing the succession issue but the common thread is to keep the reins in the family.

Reliance has been gradually bringing Mukesh Ambani's three children into the business, appointing them to the board in 2023 and giving them leadership roles across its consumer, technology and energy businesses.

Adani has said he plans to transfer control to four heirs in the early 2030s, with the next generation already running key businesses.

The Birla group, too, has long relied on family succession, with Kumar Mangalam Birla taking over the Aditya Birla empire after his father's death and subsequently bringing in professional managers and expanding it.

But none of these is a template for Tata.

Reliance, Adani and Birla are businesses where the respective families are the controlling shareholders. Tata is different because ownership is largely held by philanthropic trusts while its businesses are run by professional managers.

But that difference makes Tata's succession challenge tougher, especially as the next leader will inherit a group facing tests ranging from Air India's losses to pressure over Tata Sons' potential listing.

For investors, the question is therefore not just who gets the Tata Sons top job. It is whether the board has enough independence to have a voice, whether professional managers have room to run the businesses, and whether there is a clear transition process.

MARKET MATTERS

The Reserve Bank of India will close by August 31 its discounted forex swap facility for banks to hedge overseas deposits raised from non-resident Indians, a month earlier than planned, following robust inflows of more than $50 billion. Read this report by Reuters journalist Jaspreet Kalra.

THIS WEEK'S MUST READS

Diageo has agreed to reformulate some of its most popular whisky and rum drinks in India after the country's food safety regulator objected to flavouring ingredients that it said breached regulations. In return, the regulator is expected to lift production bans imposed in some states, potentially resolving a dispute in one of the world's largest spirits markets, writes Aditya Kalra.

India’s top automakers privately raised concerns over contaminants in E20 petrol, including chloride and moisture, which they said could hurt vehicle performance, despite publicly backing the government’s nationwide rollout. Read more in this report by Aditi Shah and Aditya Kalra.

India is weighing wide-ranging health insurance reforms, including benchmark treatment rates and a nationwide claims exchange, as it seeks to improve transparency and rein in some of Asia’s highest medical inflation. Read this in-depth report by Ashwin Manikandan.

India is considering restricting the amount of sugarcane used for ethanol in the season beginning October to boost sugar output and try to calm record prices, write Reuters journalists Rajendra Jadhav and Mayank Bhardwaj.

​

(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)

(([email protected] ; +91 70456 55251))

MUMBAI, Aug 13 (Reuters) - India's Aditya Birla Capital ADTB.NS accepted bids worth 9.25 billion rupees ($96.93 million)for the sale of bonds maturing in five years and a reissue of 8.0163% May 2029 bonds, three bankers said on Thursday.

The non-banking financial company will pay a coupon of 7.98% for the five-year note and 7.89% for the reissue, and had invited bids for both the issues on Wednesday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 13:

*Size includes base plus greenshoe for some issues

($1 = 95.4275 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected], [email protected]))

Grasim Industries scheduled a one-on-one virtual meeting with GIC for 13 August 2026. It also planned group and one-on-one discussions at Motilal Oswal’s Annual Global Investor Conference in Mumbai on 17 August. The company’s latest investor and corporate presentations were to be discussed, with no unpublished price-sensitive information shared. Grasim reported consolidated FY26 revenue of ₹51,101 crore and EBITDA of ₹8,011 crore, with building materials accounting for about 58% of consolidated revenue.

Powered by Tijori

Grasim Industries began commercial production at its 50,000-tonne-a-year CPVC resin plant in Vilayat, Gujarat, in collaboration with Lubrizol Advanced Materials India. The plant had been inaugurated in June, and the facility formed part of Grasim’s strategy to expand downstream chlor-alkali derivatives and domestic manufacturing. Grasim reported consolidated revenue of ₹51,101 crore and EBITDA of ₹8,011 crore in the March 2026 quarter. Its legacy fibres and chemicals businesses remained steady cash generators as the group’s mix shifted towards building materials and financial services.

Powered by Tijori

MUMBAI, July 31 (Reuters) - India's UltraTech Cement ULTC.NS has accepted bids worth an aggregate of 50 billion rupees ($524.22 million) for multiple-tenor bonds, its largest-ever rupee bond sale, three merchant bankers said on Friday.

UltraTech Cement accepted bids of 15 billion rupees each for 2-year and 6-month and 3-year and 6-month bonds at 7.22% and 7.23% coupons, respectively.

It raised 20 billion rupees through 5-year papers at an annual coupon of 7.25%, and had invited commitment bids for all the tenors earlier in the day, the bankers added.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 31:

*Size includes base plus greenshoe for some issues

($1 = 95.3800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

(([email protected]))

MUMBAI, July 29 (Reuters) - India's UltraTech Cement ULTC.NS plans to raise an aggregate of 50 billion rupees ($522.36 million) through sale of multiple-tenor bonds, its largest-ever rupee bond sale, three merchant bankers said on Wednesday.

UltraTech Cement will raise 15 billion rupees each through 2-year and 6-month and 3-year and 6-month bonds at 7.22% and 7.23% coupons, respectively.

It will raise 20 billion rupees through 5-year papers at an annual coupon of 7.25%, and has invited commitment bids for all the tenors on Friday, the bankers added.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 29:

*Size includes base plus greenshoe for some issues

($1 = 95.7200 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)

(([email protected]))

July 28 (Reuters) - Grasim Industries Ltd GRAS.NS:

• GRASIM - ADITYA BIRLA RENEWABLES BOARD APPROVES FUND INFUSION BY GRASIM

• GRASIM - INFUSION OF FUNDS WORTH UPTO 2.35 BILLION RUPEES IN ADITYA BIRLA RENEWABLES

Source text: ID:nNSE2wv66D

Further company coverage: GRAS.NS

(([email protected];))

By Dharamraj Dhutia

MUMBAI, July 27 (Reuters) - India's UltraTech Cement ULTC.NS is in talks with merchant bankers and arrangers to raise what would be its biggest rupee bond funding, two bankers aware of the matter said on Monday, as it seeks to tap debt markets ahead of the central bank's policy decision next week.

The country's largest cement producer by capacity plans to raise an aggregate 50 billion rupees ($517.80 million) through bonds maturing in two-and-a-half years, three-and-a-half years and five years, the sources said requesting anonymity as the talks are still private.

It is targeting 15 billion rupees each in the shorter two tranches at annual coupons of 7.22% and 7.23%, respectively, and 20 billion rupees in the five-year tranche at 7.25%.

The bankers said UltraTech aimed to complete the sale before the Reserve Bank of India's monetary policy decision on August 5.

The company did not respond to a Reuters email seeking comment outside regular business hours.

The bonds are rated AAA by Crisil and may attract demand from mutual funds seeking high-quality credit, the bankers said.

In March 2025, UltraTech raised 10 billion rupees each through three-year and five-year bonds at an annual coupon of 7.34%.

It has 35 billion rupees of bonds outstanding, including 5 billion rupees due within a month.

The cement maker reported a nearly 17% rise in first-quarter profit earlier this month as it used its scale and market position to absorb higher fuel costs linked to the Middle East conflict better than smaller rivals.

($1 = 96.5625 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Subhranshu Sahu)

(([email protected];))

** Brokerages Morgan Stanley and Citi see Grasim GRAS.NS unit Aditya Birla Renewables's acquisition of Sprng Energy owner Solenergi Power positively

** GRAS stock last down 1.13% at 3108.8 rupees

** Citi ("buy", PT 3600 rupees) says that transaction provides Aditya Birla Renewables with opportunity to expand RE footprint through acquisition

** Citi also flags that stock could react negatively as Grasim is to raise debt, which might impact co's leverage

** Morgan Stanley ("overweight", PT 3900 rupees) says deal allows co to hit ~10 GWp target well ahead of time

** Brokerage adds that acquisition is "timely bet" on India's energy security agenda

** GRAS rated "buy" or "strong buy" by all 9 analysts covering stock; median PT is 3600 rupees - data compiled by LSEG

** Stock up ~10%, YTD

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

Grasim Industries announced on 13 July 2026 that its subsidiary Aditya Birla Renewables Limited (ABRen) has signed a definitive agreement to acquire Solenergi Power Private Limited, which owns the Sprng Energy group, from Shell Overseas Investments B.V., a wholly-owned subsidiary of Shell PLC. The transaction values the target at an enterprise value of INR 17,200 crore (~US$1.8 billion), with the equity consideration to be adjusted for debt, cash and other items. Sprng Energy has a contracted renewable energy portfolio of approximately 5.0 GWp, comprising 3.3 GWp of operational capacity and 1.7 GWp under construction. The acquisition will be funded through a mix of debt and equity, including equity infusion from Grasim and funds managed by Global Infrastructure Partners. Combined with ABRen's existing 4.4 GWp portfolio, the deal creates a 9.3 GWp platform, positioning it among the largest renewable energy operators in India. The transaction is subject to regulatory approvals from the Competition Commission of India and Central Transmission Utility, with completion expected by 31 December 2026. Upon closing, Sprng Energy's companies will become subsidiaries of ABRen and consequently of Grasim.

Powered by Tijori

BENGALURU, July 13 (Reuters) - India's Grasim Industries GRAS.NS said on Monday its unit Aditya Birla Renewables will buy Sprng Energy from British oil major Shell SHEL.L at an enterprise value of $1.8 billion.

(Reporting by Nishit Navin; Editing by Leroy Leo)

(([email protected];))

MUMBAI, July 3 (Reuters) - India's Aditya Birla Capital ADTB.NS has accepted bids worth 5.57 billion rupees ($58.43 million) for reissue of 8.0668% April 2036 subordinated bonds, three bankers said on Friday.

It will offer a yield of 8.2484% and had invited bids for the issue earlier in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 3:

*Size includes base plus greenshoe for some issues

($1 = 95.3200 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Harikrishnan Nair)

(([email protected]))

MUMBAI, July 2 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise 6 billion Indian rupees ($63.17 million) through reissue of 8.0668% April 2036 subordinated bonds, three bankers said on Thursday.

It has invited bids for the issue on Friday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 2:

*Size includes base plus greenshoe for some issues

($1 = 94.9800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Rashmi Aich)

(([email protected]))

Grasim Industries informed stock exchanges on Wednesday that it will hold one-on-one and buy-side meetings with investors including Citadel Securities, Enam Investments, Schonfeld Strategic Advisors, Franklin Templeton Investments, Wellington Management, and meetings arranged by Morgan Stanley between June 18 and June 23. The meetings will be conducted in virtual and physical modes. The company said no unpublished price-sensitive information will be shared.

Powered by Tijori

MUMBAI, June 16 (Reuters) - India's Aditya Birla Capital ADTB.NS has accepted bids worth an aggregate of 11.30 billion Indian rupees ($119.4 million) for a five-year bond and a reissue of September 2029 bonds, three bankers said on Tuesday.

It will pay an annual coupon of 8.26% on the fresh issue and a yield of 8.07% on the reissue, and had invited bids on Monday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 16:

*Size includes base plus greenshoe for some issues

($1 = 94.6150 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

(([email protected]))

June 8 (Reuters) - Grasim Industries Ltd GRAS.NS:

• GRASIM - APPROVES CAPEX OF 30.94 BILLION RUPEES TO EXPAND LYOCELL CAPACITY AT HARIHAR, KARNATAKA

Source text: ID:nBSE6PG1Gm

Further company coverage: GRAS.NS

(([email protected];))

MUMBAI, June 4 (Reuters) - India's Aditya Birla Housing Finance has accepted bids totalling 9.60 billion rupees ($100.22 million), through the sale of bonds maturing in three years as well as five years, three bankers said on Thursday.

It will pay a coupon of 8.22% on the three-year bonds and 8.25% on the five-year papers, and had invited bids for the issue earlier in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on June 4:

*Size includes base plus greenshoe for some issues

($1 = 95.7850 Indian rupees)

(Reporting by Dharamraj Dhutia and Khishi Malhotra; Editing by Eileen Soreng)

(([email protected]))

** Shares of India's Grasim Industries GRAS.NS extended gains for the third straight session to hit a fresh record high of 3187.60 rupees; last up 0.6%

** Stock on track for its best week since late-June 2024, up 8% so far this week

** Aditya Birla Group-owned firm narrowed fourth-quarter loss, reporting 1.64 bln rupees vs 2.88 bln rupees last year; rev up 32% y/y

** Stock on avg rated "buy" by 9 analysts; median PT is 3498 rupees - LSEG data

** Stock up 12% YTD

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** Shares of India's Grasim Industries GRAS.NS rise as much as 3.98% to record high of 3098.3 rupees; last up 3.6%

** Aditya Birla Group-owned firm narrowed fourth-quarter loss, reporting 1.64 bln rupees vs 2.88 bln rupees last year; rev up 32% y/y

** Jefferies ("buy", PT 2938 rupees) says co's earnings beat their estimates due to strong performance in viscose staple fibre (VSF) and lower losses in new business

** JPMorgan ("overweight", PT 3460 rupees) flags 19% q/q headline rev growth in paints, stronger than their expectations

** Stock on avg rated "buy" by 9 analysts; median PT is 3525 rupees - LSEG data

** Stock up 8.6% YTD

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

** Shares of Crompton Greaves Consumer Electricals CROP.NS, RIC rise as much as 7.5% to 310.50 rupees, hitting their highest since September 2025

** Aditya Birla group's Grasim Industries GRAS.NS is interested in acquiring the consumer electricals firm, CNBC TV-18 reports, citing sources

** "We categorically deny this story," Aditya Birla group spokesperson tells Reuters

** Crompton Greaves does not immediately respond to a request for comment

** The deal may involve a combination of cash and share swap, CNBC-TV18 report says

** CROP's market value stood at ~$1.9 billion as of last close

** Grasim Industries was up 0.5%

** CROP is up 20% so far this year, while GRAS has gained 4%

(Reporting by Nishit Navin in Bengaluru)

(([email protected]))

MUMBAI, May 12 (Reuters) - India's Aditya Birla Capital ADTB.NS plans to raise a total of 12 billion rupees ($125.61 million) via a reissue of 7.7173% May 2031 bonds and 8.16% February 2029 notes, three bankers said on Tuesday.

It has invited coupon and commitment bids for the issue on Wednesday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on May 12:

* Size includes base plus greenshoe for some issues

($1 = 95.5325 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

May 5 (Reuters) - Grasim Industries Ltd GRAS.NS:

• NCLAT SETS ASIDE CCI ORDER AGAINST GRASIM INDUSTRIES

• PENALTY OF 3.02 BILLION RUPEES AGAINST GRASIM INDUSTRIES SET ASIDE

Source text: ID:nBSE9689YG

Further company coverage: GRAS.NS

(([email protected];;))