Mahindra & Mahindra Limited informs that MSPE URJA S.R.L. with registered seat in Rovereto, Trentino, Italy, is incorporated in Rome, Italy as a wholly owned subsidiary of Mahindra Susten Private Limited, which is a wholly owned subsidiary of Mahindra Holdings Limited, which is a wholly owned subsidiary of the Company.

MSPL has incorporated MSPE as its wholly owned subsidiary with the following purposes and objectives for undertaking its business activities:

a)  The research, development and production of high technological value products or services in the field of renewable energy;

b)  The design and realisation of measurement and control systems, electronic regulation systems, including hardware parts, application software, equipment and systems for controlling and integrating renewables, as well technical plants in general; MSPE may manage activities and plants useful to the aforesaid systems, as well as supply all other activity and/or services associated and/or complementary to the aforesaid activities in the sector of electronic and research and development sector;

c)  The development of battery energy storage solution, energy vehicle charging solution and smart grid products, within the solar industry sector, including but not limited to residential, large scale and small-scale energy storage projects, microgrids etc.;

d)  The marketing, distribution and sale of the products and/or services referred under letters a), b) and c) above etc.