Ontario Teachers’ to purchase 30 per cent stake in Mahindra Susten

The Mahindra Group and Ontario Teachers’ Pension Plan have announced a strategic collaboration to capitalise on India’s growing renewables opp­or­tunities and contribute to the country’s carbon reduction goals. The parties have signed binding agreements, wherein Ontario Teachers’ Pension Plan will purchase a 30 per cent equity stake in Mahindra Susten for Rs 23.71 billion. The proposed transaction also includes the formation of an InvIT in accordance with the applicable regulations of SEBI. The initial proposal is for the inclusion of renewable power assets seeded by Mahindra Susten with an operational capacity of approximately 1.54 GWp. As part of the proposed transaction, the Mahindra Group will repay Rs 5.75 billion in shareholder loans advanced to Mahindra Susten.