Mahindra & Mahindra Acquires 26% Stake in Gelos Solren Private Limited for Rs. 371,428,410

Mahindra & Mahindra Ltd. (M&M) has completed the execution of a Share Subscription and Shareholders Agreement (SSSHA) with Gelos Solren Private Limited (Gelos) and Mahindra Susten Private Limited (MSPL). M&M has agreed to subscribe to equity shares representing 26% of the post-issue Share Capital of Gelos, in one or more tranches. The investment would be done on arm’s length basis and would amount to Rs. 371,428,410. Gelos is engaged in the business as a producer and distributor of electricity through renewable energy sources and is in the process of establishing a Group Captive Hybrid Power Plant in Maharashtra, India. The power generated from the Captive Generating Plant / Unit will be supplied to the Company and other companies on captive basis. The proceeds shall be utilized by Gelos for capital expenditure, future business operations of the Company, working capital requirements and other general corporate purposes.