Separate teams of Cyril Amarchand Mangaldas advised ReNew Power Limited (ReNew Power), and Mr. Sumant Sinha (Founder of ReNew Power), in relation to ReNew Power entering into a definitive business combination agreement (“BCA“) with Blank Check company RMG Acquisition Corporation II (RMG II) Pursuant to the BCA, non-resident shareholders of ReNew Power will acquire shares of ReNew Energy Global PLC, a UK entity, in exchange for their shares in ReNew Power, along with a merger of RMG II with ReNew Energy Global PLC and a PIPE investment of over USD 855 million in the combined entity.
This is the first major overseas listing of an Indian company through the SPAC (Special Purposed Acquisition Company) route.