Mahindra Group, a technology and tractor manufacturing group, wants to invest 12 billion rupees (about $144 million) in India for solar and wind energy projects.
Mahindra & Mahindra Limited is a multinational automobile production company based in Mumbai. It was founded in 1945 as Mahindra & Mohammed, then renamed Mahindra & Mahindra.
Mahindra manufactures a wide range of vehicles, including MUVs, LCVs, and three-wheelers. It manufactures approximately 20 car models, including larger, multi-purpose vehicles such as the Scorpio and Bolero. It previously had a joint venture called Ford India Private Limited that produced passenger automobiles.
Mahindra Group, a technology-to-tractor conglomerate, will invest 12 billion rupees (about $144 million) to build 150 megawatt (MW) hybrid solar and wind energy facilities in India, the company announced on Monday.
Mahindra Susten, the group's renewable energy unit, will spearhead the initiatives, with the Provincial Teachers' Pension Plan Board, among Canada's largest pension funds, acting as a strategic partner.
Mahindra & Mahindra will also pay $4.8 million for a 26% stake in its solar power generation company, Gelos Solren, bringing the total investment to roughly $150 million.
India, the world's third-largest greenhouse gas emitter, is currently attempting to increase its non-fossil capacity, including solar and wind energy, to 500 gigawatts (GW) by 2030, having missed its goal is to install 175 gigawatts of energy from renewable sources by 2022.
The Mahindra Group intends to use 100% renewable energy by 2030.
According to Mahindra & Mahindra's 2022–23 annual report, wind power met approximately two-thirds of the company's electricity needs.
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