Mahindra & Mahindra Limited signed a share subscription and shareholder’s agreement (SSSHA) to acquire 26 per cent equity stake in Gelos Solren Private Limited, a wholly owned subsidiary of Mahindra Susten (wholly owned subsidiary of Mahindra & Mahindra) for the 100.8 MW captive wind-solar hybrid power project in Maharashtra.
As per the agreement, Mahindra & Mahindra will invest Rs 371.42 million to acquire a 26 per cent equity stake in Gelos Solren. Gelos Solren will set up a 100.8 MW captive wind-solar hybrid power project consisting of an installed capacity of 100.8 MW wind and 50 MW solar in Maharashtra. The power will be supplied to Mahindra & Mahindra and other commercial and industrial consumers.