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M&M arm to sell stake in 3 firms to CLP

February 21, 2020 11:05 pm | Updated 11:05 pm IST - New Delhi

PTI

Mahindra & Mahindra on Friday said its wholly owned arm Mahindra Renewables will sell its entire stake in 3 subsidiaries to CLP India, a part of Hong Kong-based CLP Group, for nearly ₹340 crore.

Mahindra Renewables Pvt. Ltd. (MRPL) on Friday agreed to sell its entire stake aggregating 100% of the paid-up equity share capital in Cleansolar Renewable Energy Pvt. Ltd.(CREPL), Divine Solren Pvt. Ltd. (DSPL) and Neo Solren Pvt. Ltd. (NSPL), wholly-owned subsidiaries of MRPL, to CLP India Pvt. Ltd. (CLP), Mahindra & Mahindra said in a regulatory filing.

The transaction is expected to be completed by May 31, 2020.

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