Energy sector major ReNew Power is going to be listed on the American Stock Exchange NASDAQ. Along with this, the company will also acquire RMG II. After this, the total value of the company’s business is expected to reach $ 8 billion. At the same time, please tell that Renew has become the first foreign company to deal in Nasdaq on behalf of India.
India’s largest clean energy generation company, ReNew Power, is set to be listed on the US Stock Exchange Nasdaq (NASDAQ) by acquiring RMG Acquisition Corporation II. With the acquisition and listing in Nasdaq, the total value of the company’s business will reach $ 8 billion. Renew will be the first foreign company to do such a big deal in India through SPAC (special purposed acquisition company).
At the same time, the company has said that this is the largest agreement so far in the field of clean energy. If all goes well, this deal will be completed in the second quarter of this year. Spake is a method of borrowing money through the marketplace in which a company moves away from traditional means to acquire another company. Currently this method is popular in Wall Street.
Expected to achieve $ 1.2 billion revenue
Following the acquisition of RMG II, the company’s new name will be Renew Energy Global plc and will be listed in Nasdaq along with RNW Symbol. After this, the company will gain an important position in the field of solar and wind energy.
Company’s ambitious expansion plans
The company’s CEO Sumant Sinha has said that India’s renewal in the energy sector has been growing rapidly since the last few decades. During this time the company has made its significant contribution to economic competitiveness and sustainable development. ReNew Power, while retaining its track record, plans to expand its capabilities for the next few decades.
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