Mahindra Group is stepping up its renewable energy footprint through its step-down subsidiary Gelos, which is preparing to set up a large Hybrid Wind–Solar project of up to 100.8 MW Wind and 50 MW Solar in Maharashtra. The project is being developed to supply power to Mahindra Group companies and other captive consumers.
Key Highlights of the Development
1. New Hybrid Renewable Project
Gelos will develop a Wind + Solar Hybrid Project with a combined contracted capacity of up to 100.8 MW (Wind) and 50 MW (Solar). The electricity generated will be supplied to the company and various other captive consumers.
2. Captive Shareholding Requirement
Under the Electricity Rules, 2005, captive consumers must hold at least 26% equity in the generation company. To comply with these rules, Gelos will issue equity shares on a preferential basis to Mahindra and other captive users.
3. Mahindra to Hold 26% Equity in Gelos
After the preferential allotment, Mahindra will directly hold 26% equity in Gelos. Despite this dilution, Gelos will continue operating as a step-down subsidiary of the Mahindra Group.
4. Use of Funds
The capital raised through this preferential issue will be used by Gelos for:
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Capital expenditure
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Future expansion
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Working capital
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General corporate purposes
5. Investment Details
Mahindra will subscribe to:
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10,53,877 equity shares
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Price: ₹352.44 per share
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Total investment: ₹37.14 crore
6. Gelos Shareholding Status
The company currently holds no direct shares in Gelos, and the pre- and post-allotment shareholding details have been filed with the stock exchange on 28 November 2025.
7. Historical Turnover
Gelos reported:
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FY 2024–25: NIL turnover
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FY 2023–24: NIL turnover
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FY 2022–23: Not applicable (company not operational)
