India’s Jindal SAW Limited, a maker of submerged arc welded (SAW) pipes, ductile iron pipes and iron ore pellets, has entered into a partnership with ReNew Green Energy Limited, to source renewable energy, a company statement said on Tuesday, December 24.
To establish this partnership, Jindal SAW has signed an agreement with ReNew Green Energy to acquire 31.20 percent equity in a special purpose vehicle- ReNew Green MMH One Private Limited.
The amount of investment in this acquisition of an equity share has, however, not been disclosed.
The acquisition has the objective to procure electricity at a concessional rate, the company said.
Jindal SAW said it aims to complete the acquisition by May 31, 2025, or any other date as may be mutually decided between the parties.
