Gujarat Alkalies Signs Renewable Energy Pact With CleanMax; Shares Rise 3.07%

Mumbai, June 3: Gujarat Alkalies and Chemicals Ltd (GACL) has partnered with Clean Max Enviro Energy Solutions Ltd (CleanMax) to source renewable energy from a hybrid wind-solar project in Gujarat.

The project will combine 75.90 MW of wind capacity and 84.34 MWp of solar capacity, with the generated electricity dedicated to powering GACL’s manufacturing facilities in Gujarat under a captive consumption arrangement, according to a company announcement filed with stock exchanges on Tuesday.

The renewable energy initiative is being developed across four CleanMax sites in the state, namely Kalinagar, Aji Dahisarda, Rajula and Ghuntu. Once operational, the facilities are expected to generate nearly 369 million units of clean power annually.

For GACL, one of India’s leading chlor-alkali producers, the project represents a significant step in reducing dependence on conventional power sources. The company said 100% of the electricity generated from the project will be used at its manufacturing units, supporting both cost optimisation and sustainability objectives.

The companies estimate that the project could reduce carbon emissions by approximately 264,204 tonnes annually, equivalent to the environmental benefit of planting nearly 15.27 million trees each year.

The development forms part of GACL’s broader strategy to integrate renewable energy into its operations while advancing its long-term decarbonisation goals.

Stock Market Snapshot

Investors reacted positively to the announcement, pushing the stock higher during afternoon trade.

As of 1:21 PM IST on June 3, 2026, Gujarat Alkalies shares were trading at ₹685.25, up 3.07% or ₹20.40 from the previous close of ₹664.85.

The GACL share price gained momentum after the company disclosed details of the renewable energy partnership. The stock climbed above ₹690 during the session before easing slightly, indicating sustained buying interest.

Market participants appeared encouraged by the potential long-term benefits of captive renewable power, which can help energy-intensive manufacturers lower electricity costs, improve earnings visibility and reduce exposure to fluctuations in conventional energy prices.

Why The Project Matters

For chemical manufacturers, power is one of the largest operating expenses.

GACL operates in the energy-intensive chlor-alkali sector, where electricity costs have a direct impact on profitability. By securing a dedicated renewable energy source, the company aims to improve cost efficiency while meeting increasingly stringent environmental targets.

The project also reflects a broader trend across Indian industry, where large manufacturers are turning to captive renewable energy arrangements to secure reliable power and accelerate their transition toward lower-carbon operations.

For CleanMax, the partnership further strengthens its position in the commercial and industrial renewable energy market. The company currently serves hundreds of industrial customers and has built one of India’s largest renewable portfolios focused on captive and open-access power solutions.

Company Background

Gujarat Alkalies and Chemicals Ltd is among India’s largest producers of caustic soda and other chlor-alkali products. The company operates manufacturing complexes in Gujarat and supplies products used across textiles, paper, pharmaceuticals, alumina, water treatment and several industrial applications.

CleanMax is a leading commercial and industrial renewable energy company with operations across solar, wind and hybrid power projects. The company provides renewable energy solutions to corporate customers seeking to reduce energy costs and achieve sustainability goals.

Conclusion

The partnership with CleanMax marks one of GACL’s largest renewable energy initiatives and underscores the growing role of green power in India’s industrial sector.

Beyond supporting sustainability commitments, the project has the potential to deliver long-term operational benefits through lower energy costs and greater power security. Investors appeared to view the development favourably, sending the stock more than 3% higher in afternoon trade.

Source:

• https://www.nseindia.com/get-quote/equity/GUJALKALI/Gujarat-Alkalies-and-Chemicals-Limited
• https://nsearchives.nseindia.com/corporate/KAMLESH_MUNDRA_03062026100819_clean.pdf