Jindal Saw announced on Tuesday that it has signed an agreement to acquire a 31.20% equity stake in ReNew Green MHH One Private Limited (RGMHH). The company, however, did not disclose the financial details of the deal.
In its regulatory filing, Jindal Saw stated that it has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) for the acquisition, which will make RGMHH an associate company. The acquisition is aimed at securing electricity at concessional rates to support its operations, according to the company.
Jindal Saw expects to finalize the transaction by May 31, 2025, or on a mutually agreed date. The company specializes in the production and supply of steel pipe products, fittings, and accessories, with manufacturing facilities across India, the United States, Europe, and the UAE.
ReNew Green Energy, officially known as ReNew Power, is one of India’s largest renewable energy companies, dedicated to driving the transition to sustainable power sources. Established in 2011, the company has rapidly expanded its portfolio, which includes wind, solar, and hybrid energy projects.
With a commitment to achieving net-zero carbon emissions, ReNew Power integrates cutting-edge technology to optimize energy production and storage. Its operations span numerous states in India, contributing significantly to the country’s renewable energy capacity. ReNew is also deeply involved in corporate social responsibility initiatives, focusing on rural electrification, education, and environmental conservation. As a leader in green energy solutions, the company plays a critical role in India’s efforts to combat climate change and achieve its renewable energy goals.
Jindal Saw Limited is a prominent Indian manufacturer and supplier of iron and steel pipe solutions, serving industries such as oil and gas, water, infrastructure, and transportation. Established in 1984, the company has positioned itself as a global leader in the production of high-quality ductile iron, seamless, and welded pipes.
With state-of-the-art manufacturing facilities spread across India and abroad, Jindal Saw ensures precision engineering and compliance with international standards. The company’s innovative approach includes adopting advanced technologies to enhance product durability and efficiency, particularly for critical applications. Additionally, Jindal Saw is committed to sustainable practices, including recycling scrap metal and minimizing its environmental footprint, aligning with global trends in eco-conscious industrial practices.
