Mahindra & Mahindra Limited has announced the incorporation of Martial Solren Private Limited in Mumbai, as a wholly-owned subsidiary of its solar EPC business Mahindra Susten Private Limited.
Mahindra Susten has subscribed to 10,000 equity shares of the face value of Rs10 per share, at par, in Martial Solren Private Limited.
Martial Solren Private Limited will mainly be engaged in the business of producing and distributing solar power by using solar photovoltaic cells, wafers, modules, solar systems, and sub-systems, tracked or fixed-tilt, concentrated solar power, or any other comparable technology in renewable energy space.
Mahindra & Mahindra also announced that due to the Covid-19 pandemic, the sale of subsidiary Neo Solren to CLP India is expected to complete by September 2020.
Neo Solren was formed as a subsidiary of Mahindra Renewables to set up and operate a 42 MW solar photovoltaic power plant at Wadekothapally in Warangal District of Telangana. The plant is operational since October 2017.
CLP will buy 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.
This article was modified on September 2 to change the name of buying entity to CLP India.
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