NSEAcquisition4d ago · 9 Oct 2026, 06:57 pm
Acquisition
Clean Max Enviro Energy Solutions Limited · CLEANMAX
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Clean Max Enviro Energy Solutions Limited has informed the Exchange about the acquisition of Massmunch Company Limited by its wholly owned subsidiaries Cleanmax Energy (Thailand) Company Limited and Cleanmax IHQ (Thailand) Company Limited.
Analysis Scores
Earnings Impact2/10
Growth Catalyst6/10
Governance Concern1/10
Regulatory Risk1/10
Balance Sheet Risk2/10
Liquidity Impact8/10
Market Sentiment5/10
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Full Announcement
Clean Max Enviro Energy Solutions Limited has informed the Exchange about Acquisition of Massmunch Company Limited by Cleanmax Energy (Thailand) Company Limited and Cleanmax IHQ (Thailand) Company Limited, both are wholly owned subsidiaries of Cleanmax Solar MENA FZCO (Dubai), which is a wholly owned subsidiary of Clean Max Enviro Energy Solutions Limited ( the Company )
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CLEANMAX_09102026185623_Reg_30_Massmunch.pdf
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BSE Limited The National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers Exchange Plaza, Plot no. C/1, G Block
Dalal Street Bandra Kurla Complex, Bandra (E)
Mumbai – 400 001 Mumbai – 400 051
Maharashtra, India Maharashtra, India
Scrip Code: 544717 Symbol: CLEANMAX
Sub: Intimation for acquisition of Massmunch Company Limited by Cleanmax Energy
(Thailand) Company Limited and Cleanmax IHQ (Thailand) Company Limited, both
are wholly owned subsidiaries of Cleanmax Solar MENA FZCO (Dubai), which is a
wholly owned subsidiary of Clean Max Enviro Energy Solutions Limited (“the
Company”)
Ref: Regulation 30 read with Schedule III of the Securities and Exchange Board of India
(“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir/ Madam,
Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”), we hereby inform you
that Cleanmax Energy (Thailand) Company Limited (“Cleanmax Energy”) and Cleanmax IHQ
(Thailand) Company Limited (“Cleanmax IHQ”), both are wholly owned subsidiaries of Cleanmax
Solar MENA FZCO (Dubai), which is a wholly owned subsidiary of the Company. Cleanmax Energy
and Cleanmax IHQ have entered into a Share Purchase Agreement with Massmunch Company
Limited and Promoters of Massmunch Company Limited on 9 October 2026 for acquisition of 100%
share capital of Massmunch Company Limited.
Consequently, Cleanmax Energy and Cleanmax IHQ will hold 99.99% and 0.01% of the share capital
of Massmunch Company Limited, respectively. As a result, Massmunch Company Limited will become
a step-down wholly owned subsidiary of the Company.
In compliance with the SEBI Listing Regulations and Securities and Exchange Board of India Master
Circular No. HO/49/14/14(7)2025-CFD-POD2/l/3762/2026 dated 30 January 2026 (as amended),
the details of the transaction are provided in Annexure A enclosed herewith.
The same will be made available on the Company’s website i.e., www.cleanmax.com.
This is for your information, record, and appropriate dissemination.
Thank you.
Yours faithfully,
For Clean Max Enviro Energy Solutions Limited
(Formerly known as Clean Max Enviro Energy Solutions Private Limited)
Ullash Parida
Company Secretary and Compliance Officer
Membership No.: FCS 8689
Date: 9 October 2026
Place: Mumbai
Encl: a\a
Annexure A
Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015
Sr. Particulars Information of such events
1. Name of the Target Entity, details in Name: Massmunch Company Limited
brief such as size, turnover, etc.
Net worth (as of 31 December 2025):
Thai Baht 1,213,300
Turnover (as of 31 December 2025): Nil
2. Whether the acquisition would fall No
within related party transaction(s) and
whether the promoter / promoter
group/ group companies have any
interest in the entity being acquired?
If yes, nature of interest and details
thereof and whether the same is done
at “arm’s length”.
3. Industry to which the entity being Renewable energy generation
acquired belongs
4. Objects and impacts of acquisition Massmunch Company Limited is being acquired
(including but not limited to, to enable growth and further development of
disclosure of reasons for acquisition of solar renewable energy capacity of the Company
target entity, if its business is outside in Thailand
the main line of business of the listed
entity)
5. Brief details of any governmental or Not Applicable
regulatory approvals required for the
acquisition
6. Indicative time period for completion 31 October 2026
of acquisition
7. Consideration - whether cash Acquisition of 100% share capital against cash
consideration or share swap or any consideration
other form and details of the same
8. Cost of acquisition and/or the price at Transaction is for an enterprise value of
which shares are acquired Thai Baht 1,250,000 (Thai Baht One Million Two
Hundred Fifty Thousand)
9. Percentage of shareholding / control 100% shareholding to be acquired
acquired and/or number of shares
acquired
10. Brief background about the entity Massmunch Company Limited was incorporated
acquired in terms of product/ line of in Thailand on 27 March 2025 for renewable
business acquired, date of energy generation
incorporation, history of last three
years turnover, country in which Turnover:
acquired entity has presence and any 31 December 2025 - Nil;
other significant information (in brief) 31 December 2024 – Not Applicable; and
31 December 2023 – Not Applicable.
Country in which the acquired entity has
presence: Thailand