The Mahindra Group had appointed investment bank Avendus to seek buyers for Mahindra Susten, the renewable business arm of Mahindra group.
They are in the process of selling 160 megawatts (MW) of solar assets and has received interest from two potential buyers, CLP India and the Piramal group.
They had received interest from other parties, too, but these two are currently looking into the deal. The sale process could fetch a valuation of over ₹1,000 crore.
Mahindra Susten offers diversified services within the renewable energy and cleantech space such as turnkey solar engineering, procurement and construction services, for utility-scale solar and rooftop solar products, solar car charging stations, telecom tower solarization, operations and maintenance.
Mahindra Susten’s business model is to build and sell assets. It will use the sale proceeds to develop its pipeline of around 1 gigawatt (GW).
The Indian renewable energy space has seen strong merger and acquisition activity recently.
ReNew Power Ltd, India’s largest clean energy company, and state-run power utility NTPC Ltd have shown interest in the ongoing sale process of PTC India Ltd’s wind power business, which includes 290MW of wind assets.
Fotowatio Renewable Ventures also plans to exit its only investment in the Indian solar power space and Engie SA is planning to sell a significant stake in the French energy firm’s Indian solar business.
Reference- livemint