New Delhi: The 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 a National Company Law Tribunal (NCLT)-approved resolution process. The acquisition will be executed through Inox Clean Energy Limited’s subsidiary Inox Neo Energies for the Independent Power Producer (IPP) portfolio, and through Inox Green Energy Services Limited for the Operations and Maintenance (O&M) arm.
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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 Inox Neo. Inox Green will acquire Wind World India’s O&M business.
Wind World India has manufacturing, IPP and O&M operations. The company, directly and through its subsidiaries, has a combined installed IPP capacity of approximately 600 MW, with wind farms spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
Its O&M portfolio stands at nearly 4.5 GW, servicing clients including the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc, among others.
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,” he added.
The group said the acquisition expands Inox Clean’s IPP portfolio with operational wind assets across key wind corridors. Inox Clean has set medium-term targets of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.
Akhil Jindal, group CFO, INOXGFL Group, 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,” he added.
Inox Green currently has approximately 13.3 GWp of renewable assets under management, including investments. The company provides long-term O&M services for renewable energy projects and is India’s only listed pure-play renewable O&M services company.
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Inox Clean operates across the renewable IPP business under Inox Neo and the solar manufacturing business under Inox Solar Limited. The platform is targeting 10 GW of installed renewable IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and key global geographies.
