Jindal Saw to Procure RE Power from ReNew Green Energy

Jindal Saw Ltd. has partnered with ReNew Green Energy Solutions to procure renewable energy, acquiring a 31.20 percent stake in the SPV ReNew Green MHH One Pvt. Ltd. to secure electricity at concessional rates.

December 18, 2024. By Mrinmoy Dey

Pipes manufacturer Jindal Saw Ltd. has announced that the company will procure renewable energy from ReNew Green Energy Solutions, a subsidiary of ReNew.

To that effect the company has signed an agreement with ReNew Green Energy to acquire 31.20 percent in a special purpose vehicle (SPV) ReNew Green MHH One Pvt. Ltd. for an undisclosed sum.

“We wish to inform that the company has entered into share purchase agreement with ReNew Green Energy Solutions Pvt. Ltd. (RGES) to acquire shareholding up to 31.20 percent equity share capital in ReNew Green MHH One Pvt. Ltd. (RGMHH) which resulted RGMHH as associate of the company,” said Jindal Saw in an exchange filing.

It further noted that the purpose of the acquisition is to procure electricity at concessional rate.

The company further informed that the indicative time period for completion of the acquisition is May 31, 2025 or any other date as may be mutually decided between the parties.

In India, ReNew has a clean energy portfolio of around 16.3 GW as of November 2024. The company operates across multiple segments, including solar, wind, and hybrid energy, and continues to provide comprehensive solutions in the renewable energy space. The company is further expecting to complete the construction of between 1,900 to 2,400 MW of renewable energy capacity by the end of FY25.

The Nasdaq-listed ReNew Energy Global Plc, recently received a non-binding USD 2.82 billion offer from a consortium led by Masdar, CPP Investments, ADIA, and Founder Sumant Sinha to take the company private.

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Jindal Saw Ltd

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