Mahindra & Mahindra Limited — JV/Acquisition, 30-12-2024: Acquisition

Mahindra & Mahindra Ltd.'s wholly owned subsidiary, Mahindra Susten Private Limited (MSPL), has incorporated Ultrogen Hybren Private Limited as a new step-down subsidiary, focusing on renewable energy solutions. The incorporation entails an initial investment of Rs. 15 crore for 1,50,000 equity shares at par value. Ultrogen Hybren aims to produce and sell electricity, operate as an Independent Power Producer (IPP), and offer distributed energy solutions, including rooftop solar installations. This strategic move enhances Mahindra's footprint in the renewable energy sector, aligning with sustainable growth objectives and potential synergies in energy management.