ReNew Power lists in US via SPAC, mcap hits $4.5bn

Mumbai: ReNew Power, India’s biggest renewable energy company, on Tuesday listed on the Nasdaq in the US through the special purpose acquisition company (SPAC) route and achieved a market capitalisation of nearly $4.5 billion (about Rs 33,500 crore). This is the biggest listing of an Indian entity through SPAC, the vehicle through which an Indian company could list in the US. At present, an Indian company cannot directly list on a foreign bourse.