Mahindra & Mahindra (M&M) has approved acquisition of 26% stake in one or more tranches in the Paid-Up Equity Share Capital of Gelos Solren (Gelos), a wholly owned subsidiary of Mahindra Susten (MSPL), which is a subsidiary of Mahindra Holdings (MHL), which in turn is a wholly owned subsidiary of the Company. Gelos plans to generate and distribute renewable energy in accordance with the Group Captive Power Procurement Model.
Upon completion of the aforesaid transaction, Gelos will continue to be a subsidiary of the Company. The said investment will help the Company in reducing its energy cost, carbon footprint and working towards its commitment of ‘Planet Positive’ businesses and adopting 100% renewable energy by 2030 across various businesses.
Mahindra & Mahindra is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
| Company Name | CMP |
|---|---|
| Tata MotorsPassenger | 355.35 |
| Maruti Suzuki | 13725.40 |
| Mahindra & Mahindra | 3329.50 |
| Hyundai Motor India | 1852.45 |
| Mercury Metals | 30.94 |
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