, the cement arm of Gujarat-based Nirma Group, has approved an investment of up to ₹26 crore to acquire a 26 per cent stake in Clean Max Ilghop Private Ltd, a special purpose vehicle (SPV) set up by a Mumbai-based Independent Power Producer (IPP) Clean Max Enviro Energy Solutions Ltd.
The investment is aimed at establishing a captive hybrid renewable energy power plant at Bhikamkhore district in Jodhpur, Rajasthan, on a Build-Own-Operate-Transfer (BOOT) basis. The project will supply green energy to Nuvoco’s Nimbol cement plant. CleanMax, as the project developer, will be responsible for land acquisition, development, commissioning, and operations and maintenance of the project for a period of 25 years, with a lock-in period of 10 years.
No governmental or regulatory approvals are required for the acquisition. The long-term nature of the project is reflected in the 25-year operational framework. The investment will be made through cash consideration, with the transaction structured via multiple agreements, including a Shareholders’ Agreement, Share Purchase Agreement, Energy Supply Agreement and Power Purchase Agreement. Following the acquisition, Clean Max Ilghop will become an associate company of Nuvoco.
Clean Max Ilghop Private Ltd was incorporated in October 2025, in India. The company operates in the electric power generation, transmission and distribution sector, with a focus on renewable energy solutions. As a newly incorporated entity, Clean Max Ilghop has reported nil turnover for the last three years.
Apart from this acquisition, the board of the company late on Tuesday evening also approved establishing a bulk cement terminal at Viramgam (Sachana) in Gujarat, with a dedicated railway siding and handling capacity of approximately 1.5 million tonnes per annum (MTPA). “The terminal will enable efficient unloading, storage, and dispatch of both loose and packed cement through streamlined operations. It will serve as a strategic distribution hub to expand the company’s reach across the Gujarat market, with commissioning targeted by FY2027-2028,” the company added.