Nirma Group’s Nuvoco Vistas Set To Buy A 26% Stake In Mumbai-Based CleanMax SPV

Nuvoco Vistas Corporation Ltd, the cement arm of the Gujarat-based Nirma Group, announced that it will invest ₹26 crore to acquire a 26% stake in Clean Max Ilghop Private Ltd. This company is a special purpose vehicle (SPV) set up by Clean Max Enviro Energy Solutions Ltd, a Mumbai-based independent power producer (IPP).

At 10.38 AM, Nuvoco Vistas Corporation Ltd shares were trading at ₹300.45 a piece, 2.02% down on the Bombay Stock Exchange (BSE).

Details Of The Deal

The investment is aimed at setting up a captive hybrid renewable energy power plant in the Bhikamkhore district of Jodhpur, Rajasthan. The plant will be built on a Build-Own-Operate-Transfer (BOOT) basis.

As part of the deal, CleanMax will act as the project developer. It 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.

Apart from this acquisition, the board of the company also approved setting up a bulk cement terminal at Viramgam (Sachana) in Gujarat. The terminal will have a dedicated railway siding and a handling capacity of approximately 1.5 million tonnes per annum (MTPA).

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What Does Nuvoco Vistas Corporation Ltd Do?

As the cement arm of the Nirma Group, the company manufactures and sells a wide range of products, including cement, ready-mix concrete (RMX), and modern building materials (MBM) like construction chemicals and wall putty.

In its financial results for the fourth quarter of financial year (FY) 2025-26, it reported a net profit of ₹140.71 crore, 15% down from ₹165.54 crore on a year-on-year (YoY) basis.

Its sales jumped 8.69% to ₹3306.75 crore in the quarter, and for the full year, its net profit ballooned 1545.38% to ₹359.35 crore.

Sources:

Hindu Businessline

New Indian Express

Business Standard