Jindal Saw to acquire 31.20 pc stake in ReNew Green Energy for undisclosed amount – EQ
In Short : Jindal Saw is set to acquire a 31.20% stake in ReNew Green Energy for an undisclosed amount. This strategic investment aims to strengthen Jindal Saw’s position in the renewable energy sector and support the growth of ReNew Green Energy’s clean energy projects.
In Detail : New Delhi – Jindal Saw on Tuesday said it has inked a pact to acquire 31.20 per cent equity in ReNew Green Energy.
However, the company did not divulge the financial details of this equity acquisition.
In a filing, Jindal Saw said, “It has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), which resulted RGMHH as an associate of the company”.
The acquisition is with an objective to procure electricity at a concessional rate, the company said.
Jindal Saw further said it aims to complete the acquisition by May 31, 2025, or any other date as may be mutually decided between the parties.
It is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and the UAE.
