M&M arm incorporates new subsidiary in Maharashtra

Mahindra & Mahindra announced that its wholly owned subsidiary Mahindra Susten (MSPL) has incorporated a wholly owned subsidiary Ultrogen Hybren (Ultrogen Hybren) in Mumbai Maharashtra.

The company received intimation from Mahindra Susten (MSPL) on 29 December 2024, stating that the Ministry of Corporate Affairs has issued the certificate of incorporation for Ultrogen Hybren.

According to the regulatory filing, Ultrogen Hybrens main focus will be the production and sale of power, including generating electricity, as well as serving as an Independent Power Producer (IPP). The subsidiary will also specialize in distributed energy solutions, such as rooftop solar installations, catering to commercial, industrial, institutional, and residential sectors. Additionally, the company will explore energy storage systems and renewable energy sources.

 

MSPL has subscribed to 1,50,000 equity shares with a face value of Rs 10 per share, at par, in Ultrogen Hybren. The initial subscription of Rs 15,00,000 by MSPL to the share capital of Ultrogen Hybren does not constitute a related party transaction for the company.

As a result of the incorporation, Ultrogen Hybren is now a subsidiary of Mahindra Susten and a step-down subsidiary of Mahindra & Mahindra. The promoter group and group companies of Mahindra & Mahindra have no direct interest in Ultrogen Hybren other than the investment by MSPL.

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.

On a consolidated basis, the company's net profit jumped 35.05% to Rs 3,170.72 crore on a 10.13% rise in income from operations to Rs 37,923.74 crore in Q2 FY25 as compared with Q2 FY24.

The scrip shed 0.86% to Rs 3,023.75 on the BSE.

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