Cummins India has approved an investment of up to ₹2.70 Cr to acquire at least 8.78% of the equity share capital of Clean Max Yellowstone Private Limited. This investment aims to secure renewable power for Cummins’ facilities under a group captive model, aligning with regulatory requirements and reducing its carbon footprint. The acquisition supports Cummins’ commitment to sustainable energy solutions for its operations.
Investment in Renewable Energy
Cummins India’s Board of Directors has approved a proposal to acquire equity shares of Clean Max Yellowstone Private Limited (“Clean Max”). This investment will total up to ₹2.70 Cr.
Strategic Rationale
The investment aims to acquire at least 8.78% of Clean Max’s equity share capital. This acquisition is directed towards procuring renewable power (solar/wind/hybrid) for Cummins India’s factories and premises.
Group Captive Model
This investment will be made alongside two other Cummins group entities in India under a Group Captive Model. Collectively, the Cummins entities will hold at least 26.00% of Clean Max’s equity share capital, complying with regulatory requirements for group captive power plants.
Share Purchase Agreement
A Share Purchase Agreement (SPA) has been signed by Cummins India, with the closing subject to the terms outlined in the agreement. The announcement was made on December 18, 2025.
Clean Max Yellowstone Details
Clean Max Yellowstone Private Limited was incorporated on September 23, 2024. The company is involved in developing and operating renewable energy projects.
Operational Focus
Clean Max is setting up offsite captive solar/wind/hybrid power generating plants in Maharashtra. They will supply captive solar/wind/hybrid power from these plants. The purpose of this is for Cummins India to qualify as a group captive consumer and reduce Scope 2 greenhouse gas emissions.
Financial Snapshot
As of March 31, 2025, Clean Max Yellowstone reported:
- Turnover: Nil
- Profit After Tax: -₹0.04 Cr
- Net Worth: -₹0.03 Cr
Source: BSE
