Mahindra & Mahindra Limited announced the acquisition of 31.2% equity share in ReNew Sunlight Energy Private Limited (RSEPL) for Rs 16.07 crores.
According to the company’s exchange filing, “We refer to our letter dated 6th July, 2021, informing that the Company had entered into a Share Subscription and Shareholders’ Agreement (“SSSHA”) with ReNew Sunlight Energy Private Limited (“RSEPL”) and ReNew Green Energy Solutions Private Limited for subscribing to 1,60,74,000 Equity Shares of RSEPL, in one or more tranches, which would result in the Company holding upto 31.2% of the Equity Share Capital of RSEPL by 31st December, 2021.”
“Subscription of Equity Shares in RSEPL will enable the Company to become Captive User and consume solar power generated by RSEPL,” the company said.
ReNew Sunlight Energy Private Limited (RSEPL), is an Indian Company, incorporated on 15th December, 2020 and intends to setup Solar Park and generate solar power. RSEPL is subsidiary of ReNew Green Energy Solutions Private Limited which in turn is a subsidiary of Renew Power Private Limited.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.