Mahindra & Mahindra Limited has announced the formation of a new step-down subsidiary, Steer Hybren Private Limited, which was incorporated on 29th November, 2024, in Mumbai, Maharashtra. The new entity has been established as a wholly owned subsidiary of Mahindra Susten Private Limited (MSPL), which is a subsidiary of Mahindra Holdings Limited (MHL), a fully owned arm of Mahindra & Mahindra.

Steer Hybren is focused on renewable energy solutions, specializing in power generation, distributed energy, and rooftop solar installations across the commercial, industrial, institutional, and residential segments. The company will also work on energy storage systems and positioning itself as an Independent Power Producer (IPP), tapping into various renewable energy sources.

Key Details:

• Date of Incorporation: 29th November, 2024.
• Authorized Share Capital: Rs. 15,00,000, comprising 1,50,000 equity shares of Rs. 10 each.
• Paid-up Share Capital: Rs. 15,00,000, held entirely by MSPL.
• Business Focus: The company will focus on generating electricity through renewable energy sources, rooftop solar installations, and energy storage.
• Governmental Approvals: None required for this acquisition.
  
  

  The Upcoming IPOs in this week and coming weeks are Property Share REIT, Nisus Finance, Emerald Tyre Manufacturers, Rosmerta Digital and Avanse Financial.

  The Current active IPO is Ganesh Infraworld, Suraksha Diagnostic, Agarwal Toughened.

The incorporation of Steer Hybren further solidifies Mahindra & Mahindra’s commitment to the renewable energy sector and demonstrates the company’s long-term strategy to expand its footprint in clean energy production. This subsidiary will complement the broader vision of Mahindra Susten, which is already a key player in the renewable energy landscape.

Financial Details:

• Cost of Acquisition: Rs. 15,00,000.
• Ownership: MSPL holds 100% of the share capital of Steer Hybren.

Future Outlook:

Steer Hybren’s primary objective will be to contribute to India's renewable energy goals, particularly through solar energy systems and energy storage solutions. As part of Mahindra & Mahindra’s expanding efforts in this field, this acquisition is set to help further develop clean energy technologies and make significant contributions to India’s transition to renewable energy.

For more updates on Mahindra & Mahindra’s renewable energy ventures and corporate developments, visit Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News- Finance Saathi.

You can also follow Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn, a SEBI Registered Research Analyst. For more IPO updates and stock market news, join Finance Saathi Telegram Channel.

Start your Stock Market Journey and apply in IPO by opening a free Demat Account with Choice Broking FinX.