Sineng PV Inverter

Ontario Teachers’ Pension Plan To Buy 49% Stake in Mahindra Susten

0
69

Reading Time: 1 minutes

Growatt

According to people familiar with the developments, the Ontario Teachers’ Pension Plan (OTPP), is in advanced discussions to buy a 49% stake in Mahindra Susten Private Limited.

Pixon

Mahindra Sustain was established to create solar parks in India as part of the National Solar Mission.

The Mahindra Partnership, an Incubation Wing division within the Mahindra Group, was the original foundation of the company. Since then, it has been split into separate companies that offer services such as Solar EPC Management.

The Ontario Teachers’ Pension Board (OTPP) is one of the largest pension plans in the world. OTPP is likely to pay INR 23,000 million for the stake, valuing the company at INR 46,000 million, inclusive of debt.

The Mahindra Group has made three attempts to sell a stake in Mahindra Susten in the past two years. Avendus Capital, an investment bank, is now advising Mahindra Susten following a Rothschild sale process that failed in FY20 despite Brookfield’s negotiations for a 100% purchase.

Also Read  Chidambaranar Port Authority Tenders 5 MW Solar Power Project Installation

OTPP declined comment. ET was told by a Mahindra spokesperson that the company would not be allowed to comment on the development.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.