INOXGFL Group on Thursday said it has emerged as the successful bidder for the acquisition of the IPP and O&M businesses of Wind World India through an NCLT-approved resolution process.
The assets will be acquired by group entities — Inox Clean Energy Limited via its subsidiary Inox Neo Energies, and Inox Green Energy Services Limited.
Under the agreement, Inox Clean will acquire Wind World India’s 600 MW operational Independent Power Producer (IPP) portfolio, spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh. Inox Green will acquire the O&M arm, which manages nearly 4.5 GW of wind assets.
“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,” said Devansh Jain, Executive Director, INOXGFL Group.
Wind World India’s O&M client base includes companies such as the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
With this acquisition, Inox Clean expands its operational wind footprint across major wind corridors. The company is targeting 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. Inox Green currently manages around 13.3 GWp of assets and aims to become the largest renewable O&M company in India.
“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,” said Akhil Jindal, Group CFO, INOXGFL Group.
