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India's Mahindra receives binding offers for 160 MW of solar assets - report

Solar panels. Author: Frédéric BISSON. License: Creative Commons, Attribution 2.0 Generic.

November 22 (Renewables Now) - Indian engineering, procurement and construction (EPC) group Mahindra Susten Pvt, part of Mahindra Group, has received binding offers for a 160-MW solar portfolio from renewable energy developer CLP India Pvt Ltd and conglomerate Piramal Group, the Mint reported on Thursday, citing people in the know.

The offers were submitted after due diligence of the assets was completed by the two companies, according to one source. Mahindra Susten is likely to take a decision on the offers in the coming weeks.

The person familiar with the matter told the Mint that the sale is part of Mahindra Susten's plans to offload completed projects and use the funds for the development of its project pipeline.

According to an earlier report in the Mint, the deal could be worth more than INR 10 billion (USD 139m/EUR 126m).

Mahindra Susten and the Piramal Group did not comment on the matter, while CLP India was not available for comment, the Mint said. 

(INR 10.0 = USD 0.14/EUR 0.13)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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