Mahindra Group and Ontario Teachers’’ to form a strategic partnership in the renewable energy space

Mumbai, September 17, 2022: Mahindra Group and Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) announced today a strategic partnership to capitalise on the growing renewables opportunity in India and contribute towards the country’s decarbonisation ambitions. The parties have signed binding agreements pursuant to which Ontario Teachers’ will acquire a 30% equity stake in Mahindra Susten Private Limited (“Mahindra Susten”) at an equity value of INR 2,371 crore (~USD 300 million).