Clean Max Enviro Energy Solutions has issued a postal ballot notice seeking shareholder approval for material related party transactions (RPTs) with 32 subsidiaries and associates. The proposed aggregate value of these transactions exceeds ₹10,000 crore, significantly surpassing the company’s FY25-26 consolidated turnover of ₹1,912.87 crore.

The resolutions cover a range of operational activities essential to the company’s group captive renewable energy business model. These include engineering, procurement, and construction (EPC) contracts, inter-corporate loans (ICLs), equity infusions, and the provision of corporate guarantees. The transactions are structured to comply with the Electricity Act, 2003, which mandates that captive users hold at least 26% equity in project-specific special purpose vehicles (SPVs).

Key Transaction Details

The largest single transaction limit is proposed with Clean Max Kenai Private Limited, valued at ₹2,382.97 crore. Other significant approvals include ₹2,298.75 crore with Clean Max Sphere Energy Private Limited and ₹1,736.24 crore with Clean Max Terra Private Limited.

The company clarified that these aggregate figures reflect different categories of transactions—such as EPC costs, financing instruments, and recurring profit and loss items—counted separately. Consequently, the total does not represent separate financial commitments of that magnitude for each category but rather the cumulative ceiling for various legs of the same underlying projects.

What the Numbers Show

The scale of the proposed RPTs highlights the capital-intensive nature of Clean Max’s SPV-driven growth strategy. With the aggregate proposed limit exceeding the company’s annual turnover by more than five times, the disclosures underscore a heavy reliance on internal group financing and cross-subsidiary service arrangements. The inclusion of non-interest bearing perpetual debt and corporate guarantees within these limits suggests a structure designed to optimize liquidity across the group while managing external borrowing costs through centralized fundraising mechanisms.

Voting Process

Shareholders can cast their votes via remote e-voting from 9:00 am on August 26, 2026, to 5:00 pm on September 24, 2026. The cut-off date for eligibility is August 21, 2026. MUFG Intime India Private Limited serves as the registrar and share transfer agent for this process. The Audit Committee has reviewed the transactions, confirming they are in the ordinary course of business and conducted at arm’s length based on an independent pricing framework developed by a Big 4 firm.

Clean Max Enviro Energy Solutions has approved the disposal of minority stakes in two of its wholly owned subsidiaries, marking a strategic shift in its subsidiary holdings. The Board of Directors sanctioned the sale on August 17, 2026, with agreements expected to be executed by October 30, 2026.

The listed entity will sell 26% of the paid-up share capital of Clean Max Muoi Private Limited to Relaxo Footwears Limited. Simultaneously, it will transfer 49% of the paid-up share capital of Clean Max Chin Private Limited to VVDN Technologies Private Limited.

Transaction Details

Both subsidiaries were incorporated recently and have not contributed to the parent company’s turnover or net worth during the last financial year. The sales are structured as arm’s length transactions and do not constitute related-party deals.

Regulatory Compliance

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that neither buyer belongs to the promoter group or group companies. The sale consideration will be received upon execution of the respective Share Purchase Agreements.