The Mahindra Group plans to expand its renewable energy business and invest Rs 4,500 crore (US $732.5 million) over the next three to four years, its Chairman and Managing Director Anand Mahindra has said, amid a government-led push to increase the use of clean energy.
The investment will mainly be financed by taking on Rs 3,300 crore in debt, with the remaining funding through cash, Mahindra told Reuters. The Mumbai-based conglomerate also plans to commission 500 MW of solar power projects by the end of March 2016 from 180 MW it expects to complete by end-March 2015, the CMD added.
¨The (renewable energy) business is going to boom this year. It is a very attractive investment right now,¨ Mahindra said.
The renewable energy unit, which builds solar power projects and offers off-grid power solutions, was formed in 2011 and is currently one of the smaller businesses of the US $17 billion group company.
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