Mahindra & Mahindra Ltd.

Mahindra & Mahindra (M&M) has signed a Power Delivery Agreement with ReNew Sunlight Energy (RSEPL) whereunder RSEPL as a Captive Generator shall be supplying solar power to the company as a Captive User. The company has also signed a Share Subscription and Shareholders' Agreement (SSSHA) with RSEPL and ReNew Green Energy Solutions for subscribing to 1,60,74,000 Equity Shares, in one or more tranches, which would result in the company holding up to 31.2% of the Equity Share Capital of RSEPL.

Subscription of Equity Shares in RSEPL will enable the company to become Captive User and consume solar power generated by RSEPL. 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 MSEDCL grid. Under the open access arrangement of the Company with the electricity distribution companies, the manufacturing plants of the Company in Maharashtra will consume the said solar power generated.

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.