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