US investment firm Augment Infrastructure will acquire a majority stake in CleanMax Enviro Energy Solutions Pvt. Ltd. for ₹1,650 crore.
This would involve a purchase of the stake held by Yellow Bell Investment Ltd (an affiliate of Warburg Pincus, and International Finance Corporation (IFC) in CleanMax along with an investment of primary capital in the company to fund its growth pipeline.
UK Climate Investments (UKCI) will continue to be an investor and a member of the board.
Kuldeep Jain, Founder and Managing Director of CleanMax said, “We continue to value our relationship with Warburg Pincus and IFC, who reposed trust in the management team and the business model in the initial days of CleanMax’s growth. We are happy to note that both global investors will secure an exit, which is always a responsibility of the management team to deliver upon. I am also delighted to note that over 150 CleanMax colleagues, present and past, are securing a part exit on their ESOPs.”