M&M to hikes stake in solar power firm ESPL to 60%

Publicly listed Mahindra & Mahindra (M&M) will acquire 58,64,835 equity shares of Emergent Solren Private Limited (ESPL), a solar power generator subsidiary of Mahindra Holdings Limited (MHL) for INR 288.05 crore. Following the completion of the acquisition, Mahindra & Mahindra will have a 60 per cent stake in ESPL while MHL's shareholding in the company will become NIL. The company which was incorporated in November 2022 develops and operates renewable solar projects with a capacity of 360MWp.