Jindal Saw to Acquire 31.20% Stake in ReNew Green Energy For Sustainable Operations

Jindal Saw, a leading manufacturer of steel pipe products, has announced plans to acquire a 31.20% equity stake in ReNew Green Energy MHH One Private Limited (RGMHH). The acquisition is expected to support the company’s operations by securing electricity at concessional rates.

Details of the Acquisition

Jindal Saw has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire the equity stake. This move will establish RGMHH as an associate company of Jindal Saw. The company has not disclosed the financial specifics of the deal but has set a target to complete the acquisition by May 31, 2025, or another date mutually agreed upon.

About Jindal Saw and ReNew Green Energy

Jindal Saw is a global manufacturer and supplier of steel pipe products, fittings, and accessories with a presence in India, the US, Europe, and the UAE. This acquisition reflects its efforts to incorporate sustainable practices into its operations. ReNew Green Energy, on the other hand, specializes in renewable energy solutions, making this partnership a step toward green energy adoption for Jindal Saw.

Jindal Saw Share Performance

As of December 18, 2024, 2:10 PM, the shares of Jindal Saw Ltd. are trading at ₹306.55 per share with a decline of 0.86% from its previous day’s closing price. Over the last month, the stock has seen a surge of 1.58%. While over the year the stock has seen a surge of 40.5%. The stock of Jindal Saw Ltd. has a 52-week high and 52-week low of ₹383.85 and ₹189.85 respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.