PTT Group and ReNew Power deal is called off
The proposed deal for Thailand’s energy major PTT Group buying a stake in ReNew Power Ventures Pvt. Ltd has been called off, said two people aware of the development.
This comes against the backdrop of ReNew Power announcing a merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II on Wednesday at an enterprise value of about $8 billion. SPACs are publicly-traded shell companies with no commercial operations, which help unlisted companies go public through mergers, skipping the time-consuming conventional IPO route.
ReNew Power, founded by Sumant Sinha, was in talks with PTT Group, while the SPAC deal moved fast and gained precedence. Sinha, the chairman and managing director of ReNew Power, confirmed that the proposed deal with PTT Group was off the table.
