Canadian fund Ontario Teachers’ Pension Plan Board is picking up a 30 per cent stake in Mahindra Susten Private Limited, the renewable energy player for Rs 2,371 crore ($300 million).
The deal envisages the setting up of an infrastructure investment trust (InvIT), which will initially comprise the renewable power assets of Mahindra Susten with capacity of around 1.54 GWP (global warming potential).
A statement from the Mahindra group said a sum of Rs 575 crore ($73 million) of the proceeds from the sale will be used to repay the loans taken by Susten from the group.
