Aditya Birla Group has hired Standard Chartered to sell up to 49 per cent stake in the group’s renewable energy business to raise around $400 million, Mint reported, quoting two people aware of the development. It reported that the conglomerate aims to bolster its position in India’s rapidly growing clean energy sector. Aditya Birla Renewables aims to establish 4.5GW of installed renewable energy capacity by FY26 through utility, and commercial and industrial (C&I) projects, building upon its current project portfolio of 2GW, that comprises of existing and upcoming projects. With strong investor interest in the mature C&I segment, it offers insulation from risks such as power procurement curtailment by discoms. Open access allows large power users to buy power from the open market rather than relying on the more expensive grid. In October 2015, Aditya Birla Group agreed to partner with Abraaj Group to build a large-scale renewable energy platform in India. However, the plan was shelved due to the Abraaj Group’s collapse. “The renewable energy business is a potential growth engine for the Aditya Birla Group, and the plan is to grow it considerably," said one of the two people cited above requesting anonymity. India’s green economy remains an attractive investment for global investors, despite the prevailing global economic headwinds. Amazon.com Inc. is one of the latest entrants in this space, procuring renewable energy to build a portfolio for sale on Indian electricity exchanges. With the world’s fourth-largest installed renewable energy capacity at 166GW, India has attracted $78.1 billion in investments for its renewable sector. Central Electricity Authority, India’s top power sector planning body, expects over half of the country’s 817GW power requirement by 2030 to be met through clean energy sources.