Nuvoco Vistas' board approved a ₹26 crore investment for a 26% stake in CleanMax Ilghop Private Limited, an SPV.
The investment funds a hybrid renewable energy plant at Nuvoco's Nimbol Cement Plant in Rajasthan on a BOOT basis.
CleanMax will operate and maintain the project for 25 years, with an initial 10-year lock-in period for Nuvoco.
The transaction is not a related party deal but CleanMax will become an associate company post-investment.