Nuvoco Vistas to Invest INR 26 Crore in CleanMax SPV for Hybrid Renewable Project

Nuvoco Vistas Corporation Ltd. has approved an investment of up to INR 26 crore to acquire a 26 percent stake in Clean Max Ilghop Pvt.Ltd. a special purpose vehicle promoted by Clean Max Enviro Energy Solutions Ltd.

The investment will support the development of a hybrid renewable energy plant under the captive model at Nuvoco’s Nimbol Cement Plant in Rajasthan. The project will be implemented on a Build-Own-Operate-Transfer (BOOT) basis.

CleanMax Ilghop, incorporated on October 24, 2025, operates in renewable power generation, transmission, and distribution. As part of the arrangement, the parties will execute multiple agreements, including a shareholders’ agreement, share purchase agreement, energy supply agreement, and power purchase agreement.

The SPV will be responsible for land acquisition, development, commissioning, and operations and maintenance of the project for 25 years, with a 10-year lock-in period.

Post-investment, CleanMax Ilghop will become an associate company of Nuvoco. The transaction will be completed through cash consideration, and no regulatory approvals are required.

The move aligns with Nuvoco’s strategy to integrate renewable energy into its operations and reduce dependence on conventional power sources.