CLP India to buy three subsidiaries of Mahindra Renewables

Mahindra & Mahindra Limited’s subsidiary, Mahindra Renewables Private Limited (MRPL), has agreed to sell its entire stake in three subsidiaries to CLP India Private Limited (CLP) for around Rs 3.40 billion. The three subsidiaries include Cleansolar Renewable Energy Private Limited (CREPL), Divine Solren Private Limited (DSPL), and Neo Solren Private Limited (NSPL). The share purchase agreement offered to sell 9,623,000 equity shares of Rs 10 each at a price of Rs 113.11 per share totalling Rs 1.088 billion. The agreement was executed on February 21, 2020. The expected date of completion of the sale is May 31, 2020. The share purchase agreement offered to sell 9,623,000 equity shares at Rs 113.11 per share, 12,080,000 equity shares at Rs 104.57 per share and 9,315,000 equity shares at Rs112.37 per share of CREPL, DSPL and NSPL, respectively.

The turnover of Cleansolar Renewable Energy for the financial year (FY) that ended on March 31, 2019, was  Rs 391.5 million The net worth of CREPL for FY 2019, was Rs 639.6 million. Likewise, the turnover of Divine Solren Private Limited for the fiscal year 2019 was Rs 541.8 million, and the net worth of the company was Rs 857.8 million. Neo Solren Private Limited’s turnover of FY 2019 was Rs 426.8 million, while the net worth of the company was Rs 729.6 million.

Last year, Japanese trading and investment company Mitsui announced that it entered into an agreement with Indian engineering, procurement, and construction company, Mahindra Susten, to develop and operate distributed solar projects in India jointly. Mitsui acquired a 49 per cent stake in Marvel Solren Private Limited, a Mahindra company that had a portfolio of 16 MW of distributed solar. Mahindra Susten is the solar EPC arm of the Mahindra Group.

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