Cummins India Limited announced today, December 18, 2025, that its Board of Directors has approved a proposal to acquire equity shares in Clean Max Yellowstone Private Limited ("Clean Max"). The investment, up to ₹2.70 crore (approximately $0.32 million), will secure at least 8.78% of Clean Max's equity share capital. This acquisition is part of a Group Captive Model, where Cummins India, along with two other Cummins group entities in India, will collectively hold at least 26.00% of Clean Max's equity. The purpose of this investment is to procure renewable power, such as solar, wind, or hybrid energy, for the company's factories and premises. This initiative aims to reduce Scope 2 greenhouse gas emissions and optimize power costs. Clean Max Yellowstone Private Limited, incorporated on September 23, 2024, is a Special Purpose Vehicle engaged in developing and operating renewable energy projects. While its commercial operations have not yet commenced, its financial position as of March 31, 2025, shows negligible turnover and a net loss. The Share Purchase Agreement (SPA) has been signed, with the closing of the acquisition expected within approximately three months. The company has confirmed that this transaction is not a related party transaction, and no promoter or promoter group entities have an interest in Clean Max. The investment is crucial for Cummins India to meet the regulatory requirements for group captive power plants under the Electricity Act, 2003, and Indian Electricity Rules, 2005. The board meeting where this proposal was approved commenced at 18:00 hrs and concluded at 18:20 hrs.