Mahindra & Mahindra has launched Ultrogen Hybren, a new subsidiary focused on renewable energy operations. The Ministry of Corporate Affairs issued the incorporation certificate on 29 December 2024. Headquartered in Mumbai, Ultrogen Hybren is a wholly-owned subsidiary of Mahindra Susten (MSPL), which itself is part of the Mahindra Holdings umbrella.
Ultrogen Hybren’s primary business will revolve around power production, particularly distributed energy solutions, and it will operate as an independent power producer (IPP). The company will cater to diverse sectors including commercial, industrial, institutional, and residential markets by offering rooftop solar installations, renewable energy (RE) sources, and energy storage systems. This strategic move aligns with Mahindra’s broader focus on expanding its green energy portfolio and supporting sustainable power solutions.
The new entity has been established with an authorised and paid-up capital of Rs 15 lakh. MSPL has made an initial investment of Rs 1.5 million for 1,50,000 equity shares priced at Rs 10 per share, which is not considered a related party transaction. However, as a subsidiary, Ultrogen Hybren will be classified as a related party to Mahindra & Mahindra in the future.
Through Ultrogen Hybren, Mahindra is set to further solidify its presence in the renewable energy market, continuing its push towards a more sustainable and energy-efficient future.
