An infrastructure unit of BlackRock Inc. will invest as much as $335 million in the renewable energy holding company of the Aditya Birla Group, as the Indian conglomerate joins rivals in a race to boost its clean power output.

Global Infrastructure Partners will pay Aditya Birla Renewables Ltd. 20 billion rupees ($225 million) and have a greenshoe option for another 10 billion rupees, the Aditya Birla Group said in a statement Tuesday. The BlackRock unit will pick up a minority stake in the subsidiary of listed Grasim Industries Ltd. whose enterprise value is pegged at 146 billion rupees.