M&M Incorporates New Subsidiary for Renewable Energy Expansion

Mahindra & Mahindra (M&M) has announced the incorporation of Steer Hybren Private Limited as a wholly owned subsidiary of Mahindra Susten Private Limited (MSPL). The new subsidiary, established on 29th November 2024 in Mumbai, Maharashtra, is set to operate in the renewable energy sector.

MSPL, a subsidiary of Mahindra Holdings Limited (MHL), which is a wholly-owned subsidiary of M&M, will hold 100% of Steer Hybren’s share capital. The initial share subscription by MSPL amounts to ₹15,00,000 for 1,50,000 equity shares with a face value of ₹10 per share, issued at par.

Steer Hybren’s Role in Renewable Energy Production

Steer Hybren has been formed with the primary objective of engaging in power production and electricity generation. It will operate as an Independent Power Producer (IPP), focusing on distributed energy solutions, including rooftop solar installations for the commercial, industrial, institutional, and residential sectors. In addition to solar energy, the company will explore other renewable energy sources and integrate energy storage systems to support sustainable energy solutions.

This incorporation marks a strategic step for M&M in expanding its portfolio in the renewable energy space. The venture aligns with the company’s commitment to advancing clean energy and offering innovative solutions for a more sustainable future. As a result, Steer Hybren’s establishment further strengthens Mahindra’s presence in the green energy market, catering to both individual and institutional energy needs through cutting-edge renewable technologies. The integration of energy storage and renewable generation capabilities will help meet the growing demand for clean, reliable energy solutions.

On December 2, 2024, M&M share price opened at ₹2,984.00, touching the day’s high at ₹3,009.90, as of 10:52 AM on the NSE.

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