Mahindra Group Signed An Agreement With Ontario Teachers

Mahindra Group signed an agreement with Ontario Teachers in preparation for entering the green energy sector.

Mahindra Group and Canadian pension fund Ontario Teachers on Saturday announced that they are going to invest Rs 4,550 crore in Mahindra Susten Private Limited (MSPL) through a strategic partnership.

This will enhance the company’s renewable energy portfolio.

According to the information given to the stock exchange, an agreement has been reached between Mahindra Group and Ontario Teachers, the promoter company of MSPL.

Ontario Teachers will acquire a 30 percent stake in MSPL for Rs 2371 crore.

With the proceeds, MSPL will clear the shareholder loan of Rs 575 crore. As a result, Mahindra Group will get a capital of Rs 1300 crore through this deal.

Mahindra Group signed an agreement: Preparation for a big investment in green energy.

Including the funds received from this deal by Mahindra Group, about Rs 1750 crore will be invested in the company over the next seven years.

During this time Ontario Teachers will also invest Rs 3550 crore in the company.

Puneet Renzen, Member of the Group Executive Board and EVP, Partnerships & Alliances at Mahindra Group.

He said in a statement, “Our partnership with Ontario Teachers will help Mahindra Group capitalize on opportunities in the renewable energy sector.

Along with this, this joint investment will give a new impetus to the growth of the company.

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What does Mahindra Susten do?

Mahindra Susten is a renewable energy platform company of the country’s leading business conglomerate Mahindra.

The company deals in power generation with Renewable Engineering, Procurement, and Construction (EPC). The company has 1.5GWp solar plants in many states of the country.

Huge jump in Direct Tax Collection, increased 23 percent and crossed seven lakh crores

The Central Board of Direct Taxes (CBDT) said on Sunday that the net direct tax collection of the country has reached Rs 7,00,669 crore since the beginning of this financial year.

This is an increase of 23 percent as compared to the previous financial year. The net direct tax collection during the same period during the financial year 2021-22 stood at Rs 5,68,147 crore.