Jindal Saw to Acquire 31.2% Stake in ReNew Green Energy for Concessional Power

Jindal Saw Ltd. announced on Tuesday that it has signed an agreement to acquire a 31.2% equity stake in ReNew Green MHH One Private Limited (RGMHH), a subsidiary of ReNew Green Energy Solutions Private Limited (RGES). The acquisition aims to secure electricity at concessional rates for the company’s operations.

While the financial details remain undisclosed, Jindal Saw confirmed in its regulatory filing that the acquisition is expected to be completed by May 31, 2025, or a mutually agreed date. Upon completion, RGMHH will be recognized as an associate company of Jindal Saw.

Jindal Saw is a global manufacturer and supplier of steel pipe products, fittings, and accessories, with manufacturing facilities located across India, the United States, Europe, and the UAE. The move aligns with the company’s strategy to reduce operational costs through renewable energy partnerships while contributing to sustainable energy adoption.

“The acquisition is driven by our objective to procure electricity at concessional rates, ensuring cost efficiency and environmental responsibility,” the company stated.

The deal highlights Jindal Saw’s forward-looking approach toward clean energy solutions and its commitment to strengthening its operational sustainability. It also reflects the growing trend of industrial players partnering with renewable energy firms to address rising energy costs and achieve carbon neutrality goals.

The acquisition is expected to enhance Jindal Saw’s long-term energy security while solidifying its position as a responsible and sustainable industrial leader. Further details regarding the investment structure or financial terms are anticipated closer to the transaction’s completion date.

Source: Business Standard

Photo Credit: Business Standard