News SnippetsPower

Mahindra to Sell 3 Solar Subsidiaries to CLP India for Rs. 340 Cr.

Mahindra & Mahindra Ltd. informed Stock Exchange that its wholly owned subsidiary Mahindra Renewables Pvt. Ltd. (MRPL) has executed share purchase agreements with CLP India Pvt. Ltd. for sale of 100% stake in three Solar Power subsidiaries.

The three companies are Divine Solren Pvt. Ltd. (DSPL), Neo Solren Pvt. Ltd. (NSPL) and Cleansolar Renewable Energy Pvt. Ltd. (CREPL).

As of 31st March 2019 CREPL had a turnover of Rs. 39.15 Cr. and net worth of Rs. 63.96 Cr. DSPL had a turnover of Rs. 54.18 Cr. and net worth of Rs. 85.78 Cr. NSPL had a turnover of 42.68 Cr. and net worth of 72.96 Cr.

The 3 companies are being sold for an aggregate of approx. Rs. 340 Cr. [CREPL for 108.85 Cr, DSPL for 126.32 Cr, NSPL for 104.67 Cr].

Following the sale, MRPL’s shareholding in CREPL, DSPL, NSPL would come down to nil and CREPL, DSPL, NSPL will cease to be the subsidiaries of MRPL and consequently of the company” Mahindra & Mahindra informed the Stock Exchange.