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Mytrah Energy to join forces with other green energy firms in India for SPAC listing

Mytrah Energy India Pvt. Ltd is considering a merger with other green energy Indian firms to create a bigger entity.

Moreover, this is ahead of a US listing plan through the special purpose acquisition company (SPAC) route option.

Currently, the plan is in a preliminary stage as per reports

The aim is to amalgamate green energy firms, including Mytrah Energy that has less than 5 gigawatts (GW) portfolio.

Further, Mytrah Energy has reportedly developed more than 1800 MW of operational assets in the renewable energy sector.

It is the only independent power producer with a pan-India presence of over 240 wind masts.

However, SPAC is a shell company that plans to raise capital through an initial public offering.

The main objective is to acquire a private business at a later date and then take it public.

Hence, this is done without taking the traditional route of IPOs.

The largest wind data bank in India is targeting the SPAC route for a listing.

This is after its $750-million equity deal with private equity firm KKR tanked.

With US listings offering higher valuations, more Indian renewable energy firms are looking for the SPAC option.

Meanwhile, SPAC does not own any commercial business and has experts in a certain sector or a sponsor managing it.

They are popularly called “blank cheque companies” as their only function is to own and manage funds it raises.

Renewable energy major ReNew Power and food tech firm Swiggy will also list in the US market via SPAC route.

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