ReNew Power Pvt Ltd (ReNew Power) on Tuesday said it has completed “business combination” with US-based RMG Acquisition Corporation II (RMG II). ReNew Power in February had announced merger with blank-check company RMG II, giving India’s biggest renewable power producer an enterprise value of USD 8 billion and listing on NASDAQ.
A blank-check company is a developmental stage firm that does not have an established business plan.
“As a result of the business combination, RMG II has become a wholly-owned subsidiary of ReNew Energy Global plc (the post-combination entity referred…as ReNew,” ReNew Power said in a statement.
ReNew Power CEO Sumant Sinha said, “The completion of our business combination with RMG II is a great step forward for enabling further decarbonization of the Indian power sector. We will continue to work to expand clean power generation across India. We are excited to continue our work developing wind and solar power across India.”
Robert Mancini, Chief Executive Officer and Director of RMG II said, “We have been proud to partner with the ReNew team throughout this process, and look forward to continuing our relationship as we move into the next phase of growth for ReNew after the close of our transaction.”
Source : PTI
