Private Equity

PE Fund Investments

Ontario Teachers' Pension Plan in talks to buy 49% stake in Mahindra Susten for Rs.2,300-Cr

Economic Times  

Canada's Ontario Teachers' Pension Plan (OTPP) is in talks to acquire a 49% stake in Mahindra Susten, the renewable energy unit of Mahindra and Mahindra. OTPP is likely to pay INR 2,300 crore for the stake, valuing the company at INR 4,600 crore. Investment bank Avendus Capital is advising Mahindra Susten after a sale process in FY20 run by Rothschild failed despite negotiations with Brookfield for a 100% acquisition. Mahindra Susten was established to build solar parks under the National Solar Mission. Originally a part of its in-house incubation wing, Mahindra Partners, it was spun off as a separate entity as it diversified into engineering, procurement and construction (EPC), operations and maintenance, rooftop solar panels, data management and software services provider for third-party developers such as ReNew Power, Azure, and SB Energy.