Clean Max Enviro Energy Solutions Ltd
Intimation for acquisition of 100% equity shares of Kintech Solarbikaner Private Limited
M&A
◆ Monitor Closely
MEDIUM RISK
📅 Filed on BSE: 17 Mar 2026, 12:39 AM IST · BSE ID: c656b05c-98b0-4d7c-866b-10f47b039821
View Original BSE Filing (PDF)
💡
In Simple Terms
Clean Max is buying a renewable energy company in Gujarat for INR 38.06 crores to grow its wind-solar hybrid energy business.
🤖 AI Summary
- Clean Max acquires 100% of Kintech Solarbikaner Private Limited for INR 38.06 crores enterprise value
- Target entity incorporated 31 May 2023; wind-solar hybrid renewable energy developer in Gujarat
- Target had zero turnover in FY24 and FY25, negative net worth of INR -82,690 as of FY25
- Non-related party acquisition for cash consideration; targeted completion 31 March 2026
- Strategic move to expand wind-solar hybrid renewable energy generation capacity in Gujarat
🔢 Key Numbers — exact figures from BSE filing, not rounded
Enterprise value of acquisition
INR 38.06 crores
Target company net worth (FY25)
INR -82,690
Target company turnover (FY25)
INR 0
Target company turnover (FY24)
INR 0
Shareholding to be acquired
100%
Target company incorporation date
31 May 2023
🏢 How This Affects the Company
Acquisition adds a wind-solar hybrid renewable energy asset in Gujarat, expanding Clean Max's geographic footprint and renewable generation capacity. The target is an early-stage entity with no operational revenue to date.
INR 38.06 crores cash outflow for 100% control of an entity with negative net worth and zero revenue. Impact on consolidated balance sheet and cash position will depend on asset valuation and any hidden liabilities not disclosed in this filing.
Integration of Kintech Solarbikaner's Gujarat renewable assets and operations into Clean Max's platform. Operational impact unclear given target's current non-revenue status and negative net worth position.
Acquisition of early-stage, loss-making entity with no revenue history introduces integration risk and asset monetization risk. Investor should monitor whether purchase price reflects fair value for a zero-revenue, negative-equity entity.
👥 What This Means For Shareholders
✅
Action Required
No immediate action required. Monitor BSE for transaction completion filing (Reg 31A(10)) by 31 March 2026.
👤
Who Is Affected
All Clean Max shareholders; acquisition represents capital deployment of INR 38.06 crores in cash, impacting company's free cash position and consolidated balance sheet metrics.
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Management Signal
Acquisition signals management confidence in renewable energy market and capacity to execute early-stage asset builds. Purchase of loss-making entity suggests confidence in operational turnaround capability.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Transaction completion filing (Reg 31A(10)) — target date 31 March 2026
Q4 FY26 results — confirm cash outflow impact and integration status
Kintech Solarbikaner operational metrics post-acquisition — track revenue ramp-up from zero base
MEDIUM RISK
Early-stage target with zero revenue and negative equity; integration and operational execution risk elevated. Fair valuation assessment not disclosed.
💡 Investor Takeaway
Clean Max is acquiring Kintech Solarbikaner for INR 38.06 crores to build wind-solar hybrid capacity in Gujarat. Target has zero revenue history and negative net worth, making this a greenfield expansion play. Completion target is 31 March 2026. Value delivery depends on asset monetization success.
⚖️ Strengths & Concerns
✅ Positives
- Acquisition aligns with Clean Max's core renewable energy business and stated growth strategy in Gujarat.
- Non-related party transaction ensures arm's length pricing; no regulatory approvals required, enabling swift closure.
⚠️ Concerns
- Target company has zero turnover in FY24 and FY25, indicating no operational traction to date.
- Target carries negative net worth of INR -82,690 as of FY25, suggesting accumulated losses and elevated balance-sheet risk.
📅 Company Track Record
Clean Max Enviro Energy Solutions, formerly Clean Max Enviro Energy Solutions Private Limited, is a renewable energy generation company listed on BSE (Scrip 544717). This is the company's first material disclosed acquisition under current filing period.
Based on publicly available historical data. For context only.