Mumbai, Dec. 9 -- Global Infrastructure Partners (GIP), part of the world's largest asset manager BlackRock, will be investing up to Rs.3,000 crore in Aditya Birla Renewables Ltd (ABR), a subsidiary of Grasim Industries Ltd, for a minority stake, the company said Tuesday evening.

The GIP investment translates into an enterprise value of about Rs.14,600 crore for ABR, as per a press statement issued late on Tuesday.

The deal outlines a firm commitment of Rs.2,000 crore by GIP in multiple tranches through the issue of compulsory convertible preference shares and equity shares. Further, it will have a greenshoe option to invest an additional Rs.1,000 crore in the form of equity shares.

Separately, Essel Mining & Industries Ltd, another Ad...