Jindal Saw Strengthens Renewable Energy Portfolio

Jindal Saw announces plans to acquire 31.20% stake in ReNew Green Energy. The deal, aimed at obtaining electricity at a concessional rate, is set to finalize by May 2025. Although financial terms weren't disclosed, this move marks a strategic alignment in the renewable energy sector for Jindal Saw.

Jindal Saw, a prominent player in the steel pipe manufacturing industry, has announced a strategic move to enhance its renewable energy capabilities. On Tuesday, the company revealed plans to acquire a 31.20% stake in ReNew Green Energy Solutions Private Limited (RGES).

The acquisition, which is expected to be finalized by May 31, 2025, or another mutually agreed date, aims to secure electricity procurement at a concessional rate. However, the financial specifics of this equity acquisition were not disclosed by the company.

Jindal Saw, known for its manufacturing facilities across India, the US, Europe, and the UAE, aims to position itself more robustly in the renewable energy sector with this acquisition, marking ReNew Green MHH One Private Limited (RGMHH) as its associate.

(With inputs from agencies.)