Jindal Saw aims to procure electricity at a concessional rate with this acquisition, which is expected to be completed by May 31, 2025.
Dec 19, 2024
Jindal Saw, part of O.P. Jindal Group and leading global manufacturer and supplier of iron & steel pipe products, fittings and accessories, has acquired a 31.20 percent equity stake in ReNew Green Energy Solutions Private Limited (RGES), India’s leading decarbonisation solutions provider.
The steelmaker said in a filing that it has entered into a share purchase agreement with RGES to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), resulting in RGMHH becoming an associate of Jindal Saw.
Without divulging the financial details of the acquisition, Jindal Saw said it aimed to procure electricity at a concessional rate. The acquisition is expected to be completed by May 31, 2025, or any other date as may be mutually decided between the parties.
The partnership is a step forward towards green energy adoption for Jindal Saw, which has manufacturing facilities in India, the US, Europe and the UAE.
