Shell Eyes Partners For Renewable Assets In India To Amplify Profits: Report

Shell PLC SHEL is reportedly on the hunt for partners to invest in renewable assets, which are developed and managed by its Indian subsidiary, Sprng Energy, a move aligned with CEO Wael Sawan's strategy to elevate profits.

The move aligns with the company's growth plans, which include doubling down on oil and gas operations and scaling back some investments in renewables, according to a report by Reuters.

"We continue to develop new projects (of the Sprng Energy group) while exploring partnering opportunities with investors who want to deploy capital on de-risked operational assets, with Shell retaining a stake in such assets," Shell said in a statement to Reuters.

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"This focus on capital discipline will enable Shell to further accelerate growth of our renewables portfolio," the report added.

The company reportedly opened its largest electric vehicle (EV) charging station globally in Shenzhen, China.

The station is located abutting the Shenzhen airport and has 258 charging points and solar panels.

Related: Shell Opens Its Largest EV Charging Station In China: Report

Price Action: SHEL shares are trading lower by 0.38% to $64.68 on the last check Thursday.