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Mahindra Group sells 30% stake in renewables arm for Rs 2,317 crore

The group will receive approximately Rs 1,300 crore ($165 million) as a result of this transaction

Anand Mahindra, Chairman, Mahindra Group at the Project Nanhi Kali Launch of Teen Age Girls Report in Mumbai. Picture Courtesy- KAMLESH PEDNEKAR
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The move follows the decision at the Mahindra Group in 2020, to take its 10 companies public and unlock their value for its shareholders

Shreya Jai New Delhi
Mahindra Susten has sold its 30 per cent stake at an equity value of Rs 2,371 crore ($300 million) to Ontario Teachers’ Pension Plan Board.

Mahindra Group and Ontario Teachers’ will also jointly explore the sale of an additional 9.99 per cent stake in Mahindra Susten by May 31, 2023.

The proposed investment would also include setting up of an Infrastructure Investment Trust (InvIT) for listing renewable energy assets. The company expects to float the InvIT by 2024. Mahindra Susten is the renewable energy firm of the Mahindra Group.

It is an independent power producer with 1.5 Gw capacity and

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First Published: Sep 18 2022 | 1:24 PM IST

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