Mahindra & Mahindra Establishes Steer Hybren Private Limited for Renewable Energy

Acquisition of Steer Hybren Private Limited

Mahindra & Mahindra Limited (M&M) announced on November 29, 2024, the incorporation of Steer Hybren Private Limited (Steer Hybren) as a step-down subsidiary. The entity is now a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL), which is itself a subsidiary of Mahindra Holdings Limited (MHL), a wholly-owned subsidiary of M&M.

Acquisition Details

• Ownership: MSPL acquired 100% of Steer Hybren’s equity share capital.
• Investment Amount: The acquisition involved a cash consideration of ₹15,00,000. MSPL subscribed to 1,50,000 equity shares, each with a face value of ₹10.
• Share Capital: Steer Hybren’s authorized and paid-up share capital is ₹15,00,000, comprising 1,50,000 equity shares at ₹10 each.
• Transaction Nature: The acquisition is not a Related Party Transaction for M&M.
• Turnover Status: As Steer Hybren has only recently been incorporated, it does not yet have a turnover.

Purpose of the Acquisition

Steer Hybren will focus on advancing the renewable energy sector in India, with planned activities including:

• Power production and electricity generation.
• Acting as an Independent Power Producer (IPP).
• Offering distributed energy solutions, such as rooftop solar installations for diverse customer segments.
• Leveraging renewable energy sources combined with energy storage systems.

Regulatory Approvals

• No governmental or regulatory approvals were required for this acquisition.

Source of Information

This announcement was communicated through a letter from M&M to the National Stock Exchange of India Limited (NSE) and BSE Limited. The letter, dated November 30, 2024, was signed by Narayan Shankar, Company Secretary of M&M.