NIIF emerges as top bidder for Mahindra Susten’s solar assets

18 Dec 2020 CW Staff

The operational assets that are sold include a 337.5 MW Solar park based in Rewa, Madhya Pradesh as well as an 84.5 MW plant at Charanka in Gujarat.

Moreover, NIIF offered Rs 3,500 crore in enterprise along with an equity value of Rs 1,180 crore for assets.

It would be the first major acquisition by NIIF in the renewable energy space in case the deal materialises. Additionally, NIIT is an existing investor in CDC-owned Ayana Renewable Energy as well as Everstone Capital’s Eversource.

The other funding groups for the bidding process were the Canada Pension Plan Investment Board (CPPIB), Actis as well as Edelweiss Infrastructure.

Mahindra Susten has built and sold solar power projects with a portfolio of 1.5GW. The business has been identified as non-core for Mahindra Group’s portfolio and has been divesting its assets. It has also mandated Rothschild, an investment bank to assist in finding potential suitors. Mahindra had announced the sale of three solar projects to CLP India at the cost of Rs 340 crore, in February.

In the infrastructural space of India, renewable energy projects, as well as operating toll roads as a sector, have matured significantly concerning the returns and stable government policies.

In the last three years, since April 2017, India has attracted investments worth Rs 1.32 lakh crore in the renewable energy segment. He further added that there is growth in the segment hence long-term investors and global developers are seeking to build their portfolios. In India, investors are offered a return on equity of 12-15% in the renewable segment, which is greater than most global capitals.

Also read:Equity infusion worth Rs 6,000 crore into NIIF on cards

Image Source

The National Investment and Infrastructure Fund (NIIF) has been leading the bids to acquire Mahindra Susten’s assets of about 617 MW, after outbidding global private equity Brookfield Asset Management and KKR, as reported by sources. Mahindra Susten is a solar energy EPC platform owned by the Mahindra Group. The operational assets that are sold include a 337.5 MW Solar park based in Rewa, Madhya Pradesh as well as an 84.5 MW plant at Charanka in Gujarat. Moreover, NIIF offered Rs 3,500 crore in enterprise along with an equity value of Rs 1,180 crore for assets. It would be the first major acquisition by NIIF in the renewable energy space in case the deal materialises. Additionally, NIIT is an existing investor in CDC-owned Ayana Renewable Energy as well as Everstone Capital’s Eversource. The other funding groups for the bidding process were the Canada Pension Plan Investment Board (CPPIB), Actis as well as Edelweiss Infrastructure. Mahindra Susten has built and sold solar power projects with a portfolio of 1.5GW. The business has been identified as non-core for Mahindra Group’s portfolio and has been divesting its assets. It has also mandated Rothschild, an investment bank to assist in finding potential suitors. Mahindra had announced the sale of three solar projects to CLP India at the cost of Rs 340 crore, in February. In the infrastructural space of India, renewable energy projects, as well as operating toll roads as a sector, have matured significantly concerning the returns and stable government policies. In the last three years, since April 2017, India has attracted investments worth Rs 1.32 lakh crore in the renewable energy segment. He further added that there is growth in the segment hence long-term investors and global developers are seeking to build their portfolios. In India, investors are offered a return on equity of 12-15% in the renewable segment, which is greater than most global capitals. Also read:Equity infusion worth Rs 6,000 crore into NIIF on cards Image Source

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..