Mahindra & Mahindra has announced its arm Mahindra Renewables has completed the sale of its entire stake in subsidiary Divine Solren Pvt Ltd (DSPL) to CLP India, a part of Hong Kong-based CLP Group.
“Following the sale, Mahindra Renewables’ shareholding in Divine Solren has come down to Nil, and it has ceased to be the subsidiary of Mahindra Renewables and consequently of the Company”—said the company statement.
As per the share purchase agreement, CLP has acquired 12,080,000 equity shares of Rs 10 each held by Mahindra Renewables in Divine Solren—aggregating to 100% of the paid-up equity share capital—for a consideration of Rs 124.47 crore.
Divine Solren has constructed a 50 MW solar plant in Adilabad district of Telangana. The plant was commissioned in 2017.
Mahindra & Mahindra has also agreed to sell its two other solar arms—Cleansolar Renewable Energy and Neo Solren—to CLP India.
As per the share purchase agreement, CLP will acquire 96,23,000 equity shares of Rs 10 each in Cleansolar Renewable Energy at a price of Rs 113.11 per share, aggregating to Rs 108.85 crore.
Similarly, it will acquire 93,15,000 equity shares of Rs 10 each in Neo Solren at a price of Rs 112.37 per share aggregating to Rs 104.67 crore.
Cleansolar Renewable Energy is a special purpose vehicle formed by the Mahindra group to set up and operate a 30MW solar photovoltaic power plant in Tandur, District Rangareddy South, Telangana. The plant commenced commercial operations in 2016.
Neo Solren was formed to set up and operate a 42 MW solar photovoltaic power plant at Wadekothapally, Warangal District, Telangana, which is operational from October 2017.
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The Sale of Mahindra Group’s 50MW Solar Plant in Telengana to a CHINESE INVESTOR…. introduces a very dangerous “Trojan Horse” into the Electrical Infrastructure…. an ESSENTIAL SERVICE IN INDIA.
This “Investment Route” is eliminating all the Controls put on Foreign Entitites…. specially CHINA.. on India’s Essentisl and other Critical Infrastructure. This “foreign Ownership / Control “compromises India’s Essential Infrastructure and compromises its Safety and Security.
THIS SALE MUSY BE DISALLOWED ON NATIONAL SECURITY BY THE GOVT. OF INDIA…. IMMEDIATELY.
Please remind your readers…. ALL CHINESE ORGANIZATIONS ARE DIRECTLY CONTROLLED BY THE COMMUNIST PARTY OF CHINA. This same Party attacked India in 1962… “gobbled up” 40,000km2 of Kashmir (aka Aksai Chin), claims Sovereignity of (90,000km2) of Arunachal Pradesh and Disputes “every inch” of the Himalayan Broder with Tibet (which it illegally annexed in 1957-59) from Kashmir to Arunachal Pradesh…. even today.