Mahindra & Mahindra Limited announced yesterday the incorporation of Ultrogen Hybren Private Limited, a new step-down subsidiary focused on renewable energy operations. The company was incorporated in Mumbai with an authorised and paid-up share capital of ₹15 lakh ($17.550 USD).
Ultrogen Hybren will operate as a wholly-owned subsidiary of Mahindra Susten Private Limited (MSPL), which is controlled by Mahindra Holdings Limited, a wholly-owned subsidiary of Mahindra & Mahindra. The new entity will focus on power production and sales, acting as an Independent Power Producer (IPP) with emphasis on distributed energy solutions.
The company’s business scope includes rooftop solar installations for commercial, industrial, institutional, and residential segments, along with various renewable energy sources and energy storage systems. The incorporation certificate was issued by the Ministry of Corporate Affairs on December 29, 2024.
The initial investment of ₹15 lakh by MSPL for 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 going forward.
