Mumbai: Goldman Sachs is set to sell its remaining 14% stake in ReNew Energy Global — the Nasdaq-listed parent of ReNew Power — to Canada Pension Plan Investment Board (CPPIB) for about $268 million, said two people familiar with the matter.
After the deal, the pension fund, one of the largest in the world, will become a majority shareholder in ReNew with a stake of over 51%. The deal will pave the way for Goldman’s exit from ReNew, one of India’s largest renewable energy companies. The Wall Street firm, which was one of the early investors in Sumant Sinha-founded ReNew, has been trimming its stake in the company over the years. Canada Pension Plan, with assets under management of over $536 billion, has been gradually raising its holding in the company.
