Mahindra & Mahindra Limited, a prominent player in the automotive sector, recently announced the incorporation of Ultrogen Hybren Private Limited, a new step-down subsidiary focused on renewable energy operations. This move signifies the company’s expansion into the renewable energy sector, showcasing its commitment towards sustainability and clean energy initiatives.
Ultrogen Hybren Private Limited, based in Mumbai, has been established with an authorised and paid-up share capital of ₹15 lakh. It will operate as a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL), which is a part of Mahindra Holdings Limited, a subsidiary of Mahindra & Mahindra. The primary focus of Ultrogen Hybren will be on power production and sales, positioning itself as an Independent Power Producer (IPP) with a strong emphasis on distributed energy solutions.
The company’s business scope includes the installation of rooftop solar panels for commercial, industrial, institutional, and residential segments, in addition to leveraging various renewable energy sources and energy storage systems. The incorporation certificate for Ultrogen Hybren was issued by the Ministry of Corporate Affairs on December 29, 2024.
It is worth noting that the initial investment of ₹15 lakh made by MSPL for acquiring 1,50,000 equity shares at ₹10 per share does not fall under related party transactions for Mahindra & Mahindra. However, as a subsidiary, Ultrogen Hybren will be considered a related party to Mahindra & Mahindra in the future.
The establishment of Ultrogen Hybren by Mahindra & Mahindra underlines the company’s strategic move towards diversifying its business portfolio and embracing sustainable solutions in the energy sector. This expansion not only aligns with the global shift towards clean and renewable energy but also highlights Mahindra’s proactive approach towards addressing environmental challenges and promoting a greener future.
In conclusion, Mahindra & Mahindra’s foray into renewable energy through Ultrogen Hybren Private Limited marks a significant milestone in its sustainability journey, reflecting its commitment to driving positive change and contributing towards a more sustainable and eco-friendly future.
