M&M acquires 31.2% stake in ReNew Sunlight Energy
29th Dec 2021

Mahindra & Mahindra (M&M) has subscribed to 16,07,400 Equity Shares of ReNew Sunlight Energy (RSEPL) constituting 31.2% of the Equity Share Capital of RSEPL. Consequently, RSEPL has become an associate of the Company. Further, in view of extension of project implementation timeline, the subscription of balance 1,44,66,600 Equity Shares of RSEPL by the Company is expected to be completed by March 31 , 2022.

Subscription of Equity Shares in RSEPL will enable the Company to become Captive User and consume solar power generated by RSEPL. RSEPL will build, own and operate Captive solar power plant having capacity of 58 MWp to generate around 100 million units a year and feed it into the MSEDCL grid. Under the open access arrangement of the Company with the electricity distribution companies, the manufacturing plants of the Company in Maharashtra will consume the said solar power generated.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.