On September 17, 2022, Mahindra Group formed a strategic partnership with Ontario Teachers’ Pension Plan Board ("Ontario Teachers’") to harness the expanding renewables sector in India. As per the signed agreements, Ontario Teachers’ purchased a 30% equity stake in Mahindra Susten Private Limited for CAN$ 415 million (approximately USD 300 million). The deal also initiated the creation of an Infrastructure Investment Trust (InvIT) in line with the Securities and Exchange Board of India's regulations. Initially, this InvIT would feature renewable power assets from Mahindra Susten, boasting an operational capacity of roughly 1.54 GWp. Mahindra Group anticipated a cash inflow of about CAN$ 228 million (around USD 165 million) from the deal and was set to explore a further sale of a 9.99% stake in Mahindra Susten with Ontario Teachers’ by May 31, 2023. Both parties pledged significant investments in the business and InvIT over a seven-year period. This venture was poised to solidify Mahindra Susten's standing in renewable energy, focusing on solar, hybrid energy, and RTC green energy plants. The transaction was part of India’s commitment to decrease its GDP's emission intensity and boost non-fossil fuel-based energy resources. Subject to regulatory approvals, the deal and formation of InvIT were expected to finalize in the coming months. For the transaction, Mahindra Group's legal advisor was Khaitan & Co. and financial advisor was Avendus Capital. Ontario Teachers' legal counsel was Cyril Amarchand Mangaldas and financial advisor was Ambit.