Mahindra & Mahindra Ltd.

Mahindra & Mahindra’s (M&M) indirect subsidiary - Mahindra Renewables (MRPL), has entered into a Share Purchase Agreement (SPA) on February 16, 2017, with Mahindra Solar One (MSOPL) to acquire 10,000 equity shares of Mahindra Suryaurja (MSUPL) held by MSOPL at a consideration of Re 1. MSUPL will become a subsidiary of MRPL and in turn an indirect subsidiary of M&M as and when the share acquisition/ transfer process is completed.

MRPL is engaged in the business of setting up solar power plants and the entity being acquired is also in the same line of business. This acquisition is being made for furthering the current business objectives of MRPL.

M&M 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.