Khaitan & Co Acts as Legal Counsel for RMG Acquisition Corporation in its USD 8 Billion “SPAC” Business Combination with ReNew Power

RMG Acquisition Corporation II, a leading NASDAQ listed special purpose acquisition corporation, ReNew Power and ReNew’s current investors, including Goldman Sachs, Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, JERA Co. Inc., GEF SACEF have entered into a definitive business combination agreement that will result in ReNew effectively becoming a publicly listed company on the NASDAQ Stock Exchange.

 This is a multi-jurisdictional transaction that will be amongst the largest ever listings involving an Indian company in the US through the SPAC route.

Khaitan & Co is acting as the Indian legal counsel for RMG II on this transaction. The deal is being led by Partners Bharat Anand, Ashwin Bishnoi and Monika Srivastava along with assistance from Partners Moin Ladha and Atul Pandey (on regulatory aspects), Bijal Ajinkya (on tax law), Sagardeep Rathi (on competition law), Dibyanshu (on projects), Shailendra Bhandare (on intellectual property), Rajat Jariwal (on litigation) and Avnish Sharma (on real estate).

Completion of the proposed transaction is subject to customary closing conditions, including approval from the Competition Commission of India and of the stockholders of RMG II, and the transaction is expected to close in the second quarter of 2021.