Inox Green Energy Services is set to acquire Wind World India’s 600MW independent power producer (IPP) capacity and its 4.5GW operations and maintenance (O&M) business.
The acquisition follows a successful bid by INOXGFL Group, approved through the National Company Law Tribunal’s resolution process.
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The transaction involves Inox Green, a renewable O&M service provider based in India, and Inox Neo Energies, a subsidiary of INOXGFL Group’s renewable energy platform Inox Clean Energy.
Wind World India’s IPP assets are distributed across seven states with significant wind resources, namely Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu.
The O&M business services major clients such as Greenko Group, Tata Group, Apraava Energy, ReNew and Hindustan Zinc.
INOXGFL Group executive director Devansh Jain said: “This acquisition marks another decisive step in expanding our O&M portfolio under Inox Green and strengthening our integrated renewable energy platform under Inox Clean.
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By GlobalData“By adding high-quality operational wind assets to our IPP portfolio and significantly expanding our O&M scale, we are deepening our presence across the wind value chain.
“Wind World’s strong asset base and long-standing customer relationships align seamlessly with our vision of building a scaled, technology-driven and performance-focused clean energy platform that will play a meaningful role in India’s energy transition.”
The acquisition will enable Inox Clean to extend its operational wind assets within key wind corridors.
Inox Clean aims to reach a target of 10GW of installed IPP capacity and 11GW of integrated solar manufacturing by fiscal year 2028.
Furthermore, Inox Green Energy Services manages approximately 13.3GW-peak (GWp) of assets and is on track to become India’s largest renewable O&M company.
INOXGFL Group CFO Akhil Jindal said: “The transaction is strategically timed and falls within our valuation framework.
“The addition of operational IPP assets enhances our recurring revenue profile, while the expansion of the O&M portfolio further strengthens Inox Green’s annuity-driven revenues and profitability.
“We remain focused on prudent capital allocation, operational efficiency and sustained cash flow generation as we scale.”
