Clean Max Enviro Energy Solutions Limited has announced a significant partnership with Shell to supply hybrid renewable power to Shell's LNG terminal and technology centre in India. The collaboration involves developing renewable energy projects with a combined installed capacity of approximately 30 MW across Gujarat and Karnataka.

Project Details

The partnership encompasses two major hybrid renewable energy projects designed to serve Shell's critical operations in India. These projects combine wind and solar technologies to ensure reliable power supply for energy-intensive facilities.

Gujarat Operations

In Gujarat, CleanMax is developing a 16.83 MW hybrid renewable energy plant comprising 6.93 MWp of solar and 9.90 MW of wind capacity. This project will supply renewable power to Shell's LNG terminal at Hazira, Surat, under the group-captive model. The hybrid configuration is specifically designed to support the energy-intensive operations of the LNG terminal while enhancing supply stability and operational resilience.

Karnataka Facilities

The Karnataka project involves a 13.20 MW hybrid renewable energy plant, consisting of 9.90 MWp of solar capacity in Jagalur and 3.30 MW of wind capacity in Honawad. This installation will power Shell's Technology Centre in Bengaluru, which serves as Shell plc's third global technology centre featuring advanced engineering, digital, and pilot testing facilities for current and future energy systems.

Strategic Partnership Framework

Under the group-captive framework, both companies will co-invest in developing these renewable energy assets, aligning with Shell's continued efforts to advance lower-carbon operations in India. The projects are expected to generate approximately 66,832 MWh of renewable energy annually based on the Power Purchase Agreement.

Kuldeep Jain, Managing Director of Clean Max Enviro Energy Solutions Limited, emphasized the significance of the partnership in supporting Shell's net zero ambitions while enabling critical operations to adopt cleaner energy. He noted that commercial and industrial consumers account for nearly half of India's electricity demand, making corporates key to the country's energy transition.

Mansi Madan Tripathy, Chairperson of Shell Group of Companies India, highlighted how hybrid renewable solutions offer a practical pathway to balance reliability with decarbonization needs across complex assets. The collaboration reflects Shell's approach across key facilities in Gujarat and Karnataka, supporting ongoing efforts to decarbonize operations and serve as a trusted partner in India's energy transition roadmap.

Clean Max Enviro Energy Solutions Limited has announced a postal ballot notice dated 17 April 2026, seeking shareholder approval for 48 resolutions through remote e-voting. The proposals encompass amendments to constitutional documents, director appointments, employee stock options, and a comprehensive set of material related party transactions with subsidiaries and associate companies.

The remote e-voting facility will be available from 09:00 a.m. (IST) on 18 April 2026 until 05:00 p.m. (IST) on 17 May 2026. Shareholders whose names appear in the Register of Members as of 10 April 2026 are eligible to participate. The company has appointed MUFG Intime India Private Limited as the registrar and share transfer agent to facilitate the e-voting process, while Ms. Nikita Mahavir Kothari of N Kothari & Associates will serve as the scrutinizer.

Key Governance Proposals

The first six resolutions require special shareholder approval. These include amendments to the Object Clause of the Memorandum of Association to expand the company's business scope into carbon credit project development, sustainability consulting, and energy efficiency solutions. The Articles of Association will also be amended to incorporate provisions of the Inter Se Agreement dated 30 July 2025 and remove redundant clauses related to Non-Convertible Debentures aggregating INR 499 crore.

Mr. Dinesh Khara (DIN: 06737041), who was appointed as an Additional Director on 17 March 2026, has been proposed for appointment as Non-Executive Independent Director for a three-year term ending 16 March 2029. Mr. Khara brings nearly four decades of banking experience, having served as Chairperson of State Bank of India from October 2020 to August 2024. His remuneration has been proposed at INR 1,00,00,000 per annum, inclusive of sitting fees, subject to the condition that total remuneration to all Non-Executive Directors does not exceed 1% of net profits.

The company also seeks ratification of the "Clean Max Enviro Energy Solutions Limited Employee Stock Option Scheme 2015 – Amended 2026" and extension of its benefits to employees of subsidiary companies. The scheme allows for the grant of up to 44,35,872 options exercisable into equity shares of face value INR 1 each.

Material Related Party Transactions

Resolutions 7 through 48 seek approval for material related party transactions with 35 subsidiaries and 7 fellow subsidiaries/associates. These transactions are integral to the company's business model of developing renewable energy projects through special purpose vehicles, where customers hold minimum 26% ownership to comply with captive power regulations.

The transactions encompass various activities including issuance of bank and corporate guarantees, provision of inter-corporate deposits, rendering of engineering, procurement and construction (EPC) services, operations and maintenance support, and common infrastructure sharing. The tenure of these transactions ranges from 25 to 30 years, aligned with long-term Power Purchase Agreements.

Financial Context

For the financial year 2024-25, Clean Max Enviro Energy Solutions Limited reported an annual consolidated turnover of INR 1,495.70 crore. Based on this, the materiality threshold for related party transactions requiring shareholder approval is INR 149.5 crore. All proposed transactions exceed this threshold, necessitating ordinary resolutions.

The company's financial performance for the past three years shows total income of INR 2,458.92 crore in 2024-25, INR 2,239.14 crore in 2023-24, and INR 2,842.45 crore in 2022-23. Profit for the period stood at INR 298.13 crore in 2024-25, INR 282.41 crore in 2023-24, and INR 131.98 crore in 2022-23.

Results of the postal ballot will be announced not later than 2 working days after the conclusion of e-voting and will be available on the company's website at www.cleanmax.com and the stock exchanges where the shares are listed.

Source: None/Company/INE647U01026/5ef79159-d1e2-4e81-b69b-58910f337413.pdf