- Mahindra Susten has received interest from other parties also
- It is estimated that the deal could fetch Mahindra a valuation of over ₹1,000 crore
Mahindra Susten, the renewable business arm of Mahindra group, which is in the process of selling 160 megawatts (MW) of solar assets, has received interest from two potential buyers, CLP India and the Piramal group, said two people aware of the development to Mint.
One of the above-mentioned people informed the English Daily that Mahindra Susten has received interest from CLP India and Piramal. These two companies have recently tied up with the Canadian pension fund CPPIB, to buy renewable assets under an infrastructure investment trust (InvIT) structure.
Mahindra Susten has received interest from other parties also, but these two organizations are currently looking into the deal. It is estimated that the deal could fetch Mahindra a valuation of over ₹1,000 crore.
About the players
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.
CLP India, which is backed by Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ), has emerged as one of the major buyers for infrastructure assets in recent times. On 3 July, Kalpataru Power Transmission announced that it had entered into a binding agreement with CLP India Pvt. Ltd to sell its stake in three power transmission assets for an enterprise valuation of ₹3,275 crore.
