Canadian Pension fund OTPP to buy 30% of Mahindra arm for Rs 2371 crores – Canada-based Ontario Teachers’ Pension Plan Board (OTPP) will buy a 30% stake in Mahindra Group’s renewable energy platform Mahindra Susten for Rs 711 crores. OTPP and Mahindra Susten signed binding agreements pursuant to which Ontario Teachers’ will buy the Mahindra Susten stake at an equity value of Rs 2,371 crores.
- The agreement includes renewable engineering, procurement and construction businesses with a capacity constructed of over 4 GWp and an independent power producer business with about 1.54 GWp of operational solar plants.
- Mahindra Group will collect about Rs 1,300 crore (sale of 30 per cent stake and repayment of loans).
- Mahindra Group will repay shareholder loans of Rs 575 crores.
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