M&M to acquire 31 per cent stake in ReNew Sunlight Energy

Mahindra & Mahindra (M&M) plans to acquire 31.2 per cent stake in ReNew Sunlight Energy (RSEPL).

The company will acquire stake in one or more tranches, for a cash consideration of Rs 160.7 million. RSEPL will build, own and operate captive solar power plant having capacity of 58 MWp to generate around 100 million units a year and feed it into the Maharashtra State Electricity Distribution Company Limited grid. The transaction is expected to be completed by December 31, 2021.

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