India's ReNew Power eyes US listing via SPAC at $4b valuation

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ReNew Power Pvt. Ltd is planning to list its shares in the US through the fast-emerging SPAC (special purpose acquisition company) route at a valuation of almost $4 billion, two people aware of the development said.

The company, one of India’s largest renewable energy firms, is in talks to merge with RMG Acquisition owned by Nasdaq-listed SPAC Riverside Capital Management, the people cited above said on condition of anonymity. ReNew Power had shelved its Indian initial public offering plan in 2019 amid market volatility.

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