Canadian pension fund OTPP to buy 30% stake in India's Mahindra renewables assets

CIE Automotive India

18/09/2022 13:28

MUMBAI, Sept 18 (Reuters) - Canadian pension fund Ontario
Teachers' Pension Plan has agreed to buy a 30% stake for 23.71
billion rupees ($297.5 million) in Indian automaker Mahindra's
 MAHN.NS  renewable power assets, an exchange filing showed.
    "This will enable the Mahindra Group to unlock value in the
Renewable Energy Sector and it will continue to invest along
with Ontario Teachers' to help realise its twin objectives of
accelerated growth and global leadership in ESG," Mahindra said
in the exchange filing on Saturday.
    Pension and infrastructure funds often buy stakes in
renewable energy generation projects, tempted by the predictable
long-term returns.
    Earlier this year, Reuters reported that OTTP had agreed to
invest up to $1 billion in a new offshore wind business launched
by Australia's Macquarie Group Ltd, to develop projects around
the world.  urn:newsml:reuters.com:*:nL5N2X35TC
($1 = 79.6860 Indian rupees)

 (Reporting by Shilpa Jamkhandikar; Editing by Emelia
Sithole-Matarise)
 ((shilpa.jamkhandikar@thomsonreuters.com;))