M&M aims 5x growth in RE

Mumbai : Mahindra Group were on the verge of exiting from renewables due to high capital requirements, but are now looking at growing the business five times in the next five years, a top official said on Thursday.A key change which prompted the rejig in plans and indeed opting for a ramp-up was introduction of the infrastructure investment trusts (Invits), Mahindra and Mahindra’s managing director and chief executive Anish Shah said.

Speaking at a Ficci event, Shah said the renewables business, for which the company has partnered with a global investor, will grow 5x in the next five years. He said the diversified grouping, which has interests in the automotive and tech businesses, looks at scale when looking at a new business and prefers not to be in a business at all if it cannot do anything on a large scale.