Nuvoco Vistas Corporation has announced an investment of 26% shareholding in Clean Max Ilghop Private Limited, a Special Purpose Vehicle (SPV) established by Clean Max Enviro Energy Solutions. The investment, amounting to up to ₹26 crore, is aimed at setting up a hybrid renewable energy supply plant at the Nimbol Cement Plant.
The decision was approved during a board meeting held on April 14, 2026. This strategic move involves the execution of several agreements, including a Shareholders Agreement, Share Purchase Agreement, Energy Supply Agreement, and Power Purchase Agreement. These agreements are crucial for the establishment and operation of the renewable energy plant.
Clean Max Ilghop, incorporated on October 24, 2025, is engaged in electric power generation, transmission, and distribution, with a specific focus on renewable energy solutions. The plant will be developed under a Build-Own-Operate-Transfer (BOOT) model in Bhikamkhore District, Jodhpur, Rajasthan.
The project will be managed by CleanMax, which will handle land acquisition, development, commissioning, and operation and maintenance for a period of 25 years, with a lock-in period of 10 years. The acquisition does not fall under related party transactions initially but will become a related party post-acquisition as CleanMax becomes an associate company of Nuvoco Vistas.
No governmental or regulatory approvals are required for this acquisition, and the transaction will be completed through cash consideration.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).