Chambal Fertilisers and Chemicals Limited has entered into a Share Purchase Agreement to acquire a 26% stake in Clean Max Hachi Private Limited, a Special Purpose Vehicle (SPV) dedicated to captive power generation. The transaction involves an investment of up to ₹6 crore for the acquisition or subscription of equity in the newly formed entity.

The SPV, incorporated on June 17, 2026, is designed to develop and operate a hybrid wind-solar power facility with a capacity of 5 MW in Rajasthan. The primary objective of this strategic move is to replace a portion of purchased grid power with renewable energy sources. This shift aims to achieve substantial cost savings while supporting the company’s broader sustainability goals.

Deal Structure and Timeline

The agreement was executed on October 17, 2026, with M/s. Clean Max Enviro Energy Solutions Limited (Clean Max Enviro) and the SPV itself. The consideration for the stake is entirely in cash. The company expects the completion of the acquisition within two months from the date of the Share Purchase Agreement execution.

The target entity, Clean Max Hachi Private Limited, has an authorized share capital of ₹30 lakh, divided into 3,00,000 equity shares with a face value of ₹10 each. As of the filing date, the SPV has not commenced operations and does not report any historical financial turnover.

Key Transaction Details

Strategic Rationale

The acquisition falls outside the purview of related party transactions, as confirmed by the company. Neither the promoter nor the promoter group holds any interest in the SPV. The move aligns with industrial trends where large consumers seek direct control over renewable energy sourcing to mitigate long-term operational costs and regulatory risks associated with traditional grid dependencies.

What the Numbers Show

The investment of up to ₹6 crore for a 26% stake implies an implied valuation of approximately ₹23 crore for the entire SPV. Given that the SPV has zero historical revenue and operations have not yet commenced, this valuation is likely based on the projected asset value of the 5 MW hybrid plant and its future cash flow potential rather than current earnings. The small scale of the investment relative to the parent company’s size suggests this is a targeted efficiency initiative rather than a major diversification play.

Chambal Fertilisers & Chemicals promoter group entity Earthstone Holding (Two) Private Limited acquired 104,192 equity shares on September 29, 2026. This open market purchase increased the group’s aggregate holding to 14,982,737 shares.

The latest transaction represents an increase of 0.026% in the promoter group’s stake relative to the total voting capital, taking the overall stake to 3.740%. The acquisition follows previous purchases of 12,962 shares on September 28, 2026, 46,958 shares on September 25, 2026, 9,770 shares on September 22, 2026, and 18,352 shares on September 21, 2026.

Shareholding Details

Earthstone Holding (Two) Private Limited filed the disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to both the National Stock Exchange of India Limited and BSE Limited on September 30, 2026.

The company’s total equity share capital remains unchanged at 400,652,297 equity shares, with a face value of ₹4,00,65,22,970. The diluted share capital also stands at 400,652,297 equity shares.

Regulatory Compliance

The disclosure confirms that Earthstone Holding (Two) Private Limited belongs to the Promoter Group category. No encumbrances, pledges, or convertible securities were involved in this specific transaction. The voting rights held by the acquirer correspond directly to the number of equity shares held.