GAW Capital Partners and CapitaLand Investment Limited (SGX:9CI), among others, are looking at a majority stake in Clean Max Enviro Energy Solutions Pvt. Ltd. for an enterprise value of around $550 million, said two people in the know. Other investors participating in the sale process run by Rothschild and Co.

include Brookfield Corporation (TSX:BN) (Brookfield Asset Management Inc.), National Investment and Infrastructure Fund Limited (NIIF), and I Squared Capital Advisors, LLC. The deal structure involves a majority buyout and raising fresh capital. The companies have submitted non binding offers (NBOs) for the deal.

US investor Augment Infrastructure is the majority stake holder in CleanMax. In 2001, it had acquired Warburg Pincus LLC's as well as International Finance Corp.'s shares for INR 16,500 million. CleanMax has a 1-GW operational renewables portfolio.

It supplies 600 MW to corporate customers. It also has 350 MW of operational solar rooftop capacity across India, Thailand and the UAE. A Rothschild spokesperson declined to comment.

Queries emailed to spokespersons of CleanMax Enviro Energy, Augment Infrastructure, GAW Cap, CapitaLand, Brookfield, I Squared Capital and NIIF on January 12, 2023, did not elicit any response till press time.