Mahindra sells entire stake in 3 Renewable Energy arms to CLP India for Rs 340 cr

Mahindra & Mahindra recently said its wholly-owned arm Mahindra Renewables will sell its entire stake in three subsidiaries to CLP India.

Mahindra Renewables will sell its entire stake aggregating 100 per cent of the paid-up equity share capital in Cleansolar Renewable Energy (CREPL), Divine Solren (DSPL) and Neo Solren (NSPL) for nearly Rs 340 to CLP India.

In the fiscal ended March 31, 2019, CREPL had a turnover of Rs 39.15 crore DSPL’s and NSPL’s turnover stood at Rs 54.18 crore and Rs 42.68 crore, respectively. The transaction is expected to be completed by May 31, 2020.