 "merger and acquisition (M&A)")
Jindal Saw on Tuesday said it has inked a pact to acquire 31.20 per cent equity in ReNew Green Energy.
However, the company did not divulge the financial details of this equity acquisition.
In a filing, Jindal Saw said, "It has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), which resulted RGMHH as an associate of the company".
The acquisition is with an objective to procure electricity at a concessional rate, the company said.
Jindal Saw further said it aims to complete the acquisition by May 31, 2025, or any other date as may be mutually decided between the parties.
It is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, the US, Europe and the UAE.
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