"Mahindra Group Expands Renewable Energy Portfolio with New Subsidiary"

Mahindra & Mahindra Limited announced the formation of Ultrogen Hybren Private Limited, a new subsidiary focused on renewable energy operations. Incorporated in Mumbai, the company has an authorised and paid-up share capital of ₹15 lakh.

Ultrogen Hybren will function as a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL), which is under Mahindra Holdings Limited, a wholly-owned subsidiary of Mahindra & Mahindra. The new entity will operate as an Independent Power Producer (IPP), focusing on power production and sales, with a strong emphasis on distributed energy solutions.

The company’s activities will include rooftop solar installations for commercial, industrial, institutional, and residential sectors, as well as other renewable energy solutions and energy storage systems. The incorporation certificate for Ultrogen Hybren was issued by the Ministry of Corporate Affairs on December 29, 2024.

The initial investment of ₹15 lakh by MSPL, in the form of 1,50,000 equity shares at ₹10 per share, does not qualify as a related party transaction for Mahindra & Mahindra. However, Ultrogen Hybren will be considered a related party going forward due to its subsidiary status.

HBL