Exclusive | ReNew revives US delisting plan; CEO Sumant Sinha flags challenges of staying listed

NASDAQ-listed ReNew Energy Global has revived its plan to delist, with the remaining investors in the earlier take-private consortium that includes Canada Pension Plan Investment Board (CPPIB) and Abu

Dhabi Investment Authority (ADIA), deciding to move ahead with the transaction, sources told CNBC-TV18.

According to people familiar with the matter, CPPIB and ADIA are now prepared to acquire the issued share capital of the company and take ReNew private in the US, reviving a plan that had collapsed late last year after Masdar exited the consortium. Sources added that the longer-term objective remains a potential listing in India, where the company believes valuation discovery would be more reflective of its domestic operations.

Speaking to CNBC-TV18's Shereen Bhan at the World Economic Forum in Davos, ReNew Chairman and CEO Sumant Sinha acknowledged that the company is reassessing its US listing amid changing global investor behaviour.

Sinha said that capital flows into sustainability-focused funds have slowed sharply since ReNew listed on the NASDAQ, while many overseas investors struggle to fully understand the Indian operating context. “Our sense is that it’s probably not best to be listed there,” he said, adding that delisting should not be seen as a negative outcome.

However, Sinha underlined that no final decision has been taken. Delisting, he said, is a complex, process-driven exercise and not a unilateral call by management. A special committee of the board has already been constituted to evaluate the proposal. An India listing, he confirmed, is one of the options under consideration, alongside staying private.

The original push to take ReNew Energy Globalprivate and delist it from the US market had progressed significantly through 2025, before it collapsed in mid-December.

The take-private bid was first publicly revealed in December 2024, when a consortium of investors that included- Canada Pension Plan Investment Board (CPPIB) and Abu Dhabi Investment Authority (ADIA)

Masdar and ReNew founder-CEO Sumant Sinha. They offered to take the company private at about $7.07 per share.

Over the course of 2025, that proposal was revised higher, with due diligence substantially complete and the price being increased to $8.15 per share — a near 28.5% premium to the pre-offer prices.

A board-appointed special committee was actively evaluating the proposal with advisers.

However, in mid-December, the plan collapsed abruptly when Masdar withdrew from the consortium, according to ReNew’s SEC filing,  a development that effectively halted the transaction because Masdar was expected to be the lead provider of capital in the deal.

ReNew’s filings and Masdar’s own statements did not provide a publicly disclosed reason for the pull-out, leaving markets to speculate. A combination of shifting investor sentiment on renewables, global cost of capital pressures and evolving strategic priorities for Masdar and its partners have been cited by analysts, but no official rationale was provided.

Despite uncertainty around the listing structure, Sinha stressed that ReNew’s underlying business remains sound, even as the company navigates volatility in global markets and works on refinancing its liabilities.

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Meanwhile, ReNew Global Energy's share trades at about $5.8 a piece, well below the price that was last discussed to take the company private.