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Market Chatter: Grasim Industries Unit Set to Obtain $1.5 Billion Loan from Mitsubishi UFJ Financial

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A unit of Grasim Industries (BOM:500300,NSE:GRASIM), owned by Aditya Birla Group, is set to obtain a $1.5 billion loan from Mitsubishi UFJ Financial Group (TYO:8306), Bloomberg reported citing people familiar with the matter.

Aditya Birla Renewables reportedly plans to use the funding to acquire Shell's Solenergi Power, which owns the Sprng Energy group of companies.

The acquisition, for which a deal was signed Monday, will add a 5-GWp contracted capacity to Aditya's renewables business.

The loan will have an interest rate of around SOFR+1.6% and a term of five years, according to the report, citing the people.

Mitsubishi UFJ Financial and Aditya Birla Group did not immediately respond to' requests for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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