Jindal Saw announced it has signed an agreement to acquire a 31.20pct equity stake in ReNew Green Energy.
In a regulatory filing, Jindal Saw stated, “We have entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire up to 31.20pct equity in ReNew Green MHH One Private Limited (RGMHH), making RGMHH an associate of the company.”
The acquisition is intended to secure electricity at a concession rate. Jindal Saw aims to complete the transaction by May 31, 2025, or another mutually agreed date.
Jindal Saw, a global manufacturer of steel pipe products and fittings, operates facilities in India, the USA, Europe, and the UAE. It specializes in SAW and spiral pipes for energy transport, carbon, alloy, and seamless pipes for industrial use, and ductile iron pipes for water and wastewater. The company also runs a low-grade iron ore mine and beneficiation plant in Rajasthan, India.
