India's Nuvoco Vistas gains on renewable energy partnership with CleanMax
BUZZ-India's Nuvoco Vistas gains on renewable energy partnership with CleanMax ** Shares of India's Nuvoco Vistas Corporation NUVO.NS rise as much as 2.4% to 338.45 rupees
** Cement maker signs agreements to acquire 26% stake in Clean Max Ilgohp, a special-purpose vehicle of Clean Max Enviro Energy Solutions CLEM.NS
** Nuvoco partners with CleanMax to develop 46.4-MW wind-solar hybrid renewable energy project in Rajasthan state; power generated will be supplied to Nuvoco's cement operations
** Co says project will increase renewable energy use and reduce reliance on conventional power, improving long-term cost efficiency
** Project expected to generate about 100 million units of renewable electricity annually and cut carbon emissions by 125,485 tonnes a year, co says
** Stock down 5.70% YTD
(Reporting by Anushka Rajvedi in Bengaluru)
((mailto: anushka.rajvedi@thomsonreuters.com))
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