Mahindra & Mahindra has incorporated Ultrogen Hybren, a new step-down subsidiary focused on renewable energy operations. The incorporation certificate was issued by the Ministry of Corporate Affairs on 29 December, 2024. 

The company was incorporated in Mumbai with an authorised and paid-up share capital of Rs 15 lakh. Ultrogen Hybren will operate as a wholly-owned subsidiary of Mahindra Susten (MSPL), under Mahindra Holdings, a wholly-owned subsidiary of Mahindra & Mahindra.

The new entity will focus on power production and sales, acting as an independent power producer (IPP) in the area of distributed energy solutions. The company’s business scope includes rooftop solar installations for commercial, industrial, institutional, and residential segments, along with RE sources and energy storage systems.

The initial investment by MSPL for 1,50,000 equity shares at Rs 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.