A composite agreement to combine its renewable energy assets is approved by Grasim Industries.

$GRASIM A composite scheme of arrangement comprising Essel Mining & Industries Ltd., its fully owned subsidiary Aditya Birla Renewables Ltd., and some group firms was authorized by the board of Grasim Industries Ltd. on Monday. The plan calls for the transfer of Essel Mining & Industries' renewable energy project to Aditya Birla Renewables on a slump sale basis, as a going concern, without allocating specific valuations to assets and liabilities. The transaction shall be completed in compliance with the relevant Income Tax Act provisions.