Mahindra in final lap to sell solar portfolio

Mahindra Susten, the renewable business arm of Mahindra group, has got binding offers from CLP India and the Piramal Group for its 160 megawatts (MW) solar assets, said two people aware of the development, requesting anonymity.

“Both parties have completed due diligence of the assets and submitted binding offers for Susten’s solar portfolio,” said the first person. Mahindra Susten is expected to take a call on the two offers over the next few weeks.

“The sale is part of the company’s plans to sell completed projects and recycle the capital to develop its project pipeline,” he added.