INOXGFL Acquires Wind World India IPP & O&M Businesses

INOXGFL Group has announced that it has emerged as a successful bidder for the acquisition of the Independent Power Producer (IPP) and Operations & Maintenance (O&M) businesses of Wind World India through the National Company Law Tribunal (NCLT)-approved resolution process.

The acquisition will be through its companies, Inox Clean Energy’s subsidiary Inox Neo Energies and Inox Green Energy Services, respectively.

Under the transaction, Inox Clean, the Group’s renewable energy platform engaged in developing, owning and operating utility-scale wind, solar and hybrid assets, will acquire Wind World India’s IPP portfolio through its subsidiary Inox Neo. The Group’s renewable O&M service providing arm, Inox Green, will acquire Wind World India’s O&M business, the Group said in a statement.

Wind World India has manufacturing, IPP and O&M operations. Wind World India, directly and through its subsidiaries, has a combined installed IPP capacity of approximately 600 MW, with wind farms spread across seven key wind-rich states, including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

Additionally, Wind World India’s O&M portfolio stands at nearly 4.5 GW, servicing a marquee client base that includes leading corporates such as the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc, amongst others, the company said.

Commenting on the acquisition, Devansh Jain, Executive Director, INOXGFL Group, 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. 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.”

Akhil Jindal, Group CFO, INOXGFL Group, added, “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.”

With this acquisition, Inox Clean expands its IPP portfolio with operational wind assets across key wind corridors. Inox Clean has a target of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. Meanwhile, Inox Green has about 13.3 GWp assets under its management.