Inox Wind Limited (IWL) has informed stock exchanges that its group companies have emerged as successful bidders for the acquisition of Wind World India’s Independent Power Producer (IPP) and Operations & Maintenance (O&M) businesses through an NCLT-approved resolution process.

The announcement was made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

Transaction Structure

The acquisition will be executed through entities within the INOXGFL Group:

• Inox Clean Energy Limited, through its subsidiary Inox Neo Energies, will acquire Wind World India’s 600 MW operational IPP portfolio.

• Inox Green Energy Services Limited will acquire Wind World India’s 4.5 GW wind O&M business.

The deal marks a significant expansion across the wind energy value chain for the group.

Details of Wind World India’s Assets

Wind World India operates manufacturing, IPP, and O&M businesses.

600 MW Operational IPP Portfolio

The IPP portfolio comprises approximately 600 MW of installed wind capacity, spread across seven key wind-rich states:

• Karnataka

• Maharashtra

• Tamil Nadu

• Rajasthan

• Gujarat

• Madhya Pradesh

• Andhra Pradesh

This acquisition strengthens Inox Clean’s presence in prime wind corridors across India.

4.5 GW O&M Portfolio

Wind World India’s O&M arm services nearly 4.5 GW of wind assets, catering to marquee clients including:

• Tata Group

• ReNew

• Greenko Group

• Apraava Energy

• Hindustan Zinc

The addition significantly scales up Inox Green’s service portfolio.

Strategic Rationale

Boost to Inox Clean’s IPP Platform

Inox Clean Energy, the renewable energy platform of the INOXGFL Group, is engaged in developing, owning and operating utility-scale wind, solar and hybrid assets.

With this acquisition:

• The company expands its operational wind IPP portfolio.

• Strengthens recurring revenue streams from operating assets.

• Moves closer to its medium-term target of 10 GW installed IPP capacity by FY28.

Additionally, Inox Clean is targeting 11 GW of integrated solar manufacturing capacity by FY28.

Strengthening Inox Green’s O&M Leadership

Inox Green Energy Services Limited currently manages approximately 13.3 GWp of renewable assets.

The addition of Wind World India’s 4.5 GW portfolio:

• Expands annuity-driven O&M revenues.

• Enhances long-term cash flow visibility.

• Positions Inox Green to become India’s largest renewable O&M services company.

Management Commentary

Devansh Jain, Executive Director, INOXGFL Group, stated:

“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.”

He added that Wind World’s asset base and customer relationships align with the group’s vision of building a scaled, technology-driven clean energy platform supporting India’s energy transition.

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.”

He emphasized the group’s focus on prudent capital allocation, operational efficiency, and sustained cash flow generation.

About INOXGFL Group

The INOXGFL Group is a multi-billion-dollar Indian conglomerate with interests spanning chemicals and renewable energy across more than 75 countries.

Its listed entities include:

• Gujarat Fluorochemicals Limited (GFL)

• Inox Wind Limited (IWL)

• Inox Green Energy Services Limited (IGESL)

Through Inox Clean Energy Limited, the group is rapidly expanding across renewable IPP and solar manufacturing verticals.

Industry Context

The acquisition comes amid accelerating renewable energy growth in India, driven by:

• National decarbonisation targets

• Corporate clean energy procurement

• Increasing wind-solar hybrid adoption

• Rising demand for long-term O&M services

By acquiring both operational IPP assets and a large O&M portfolio, the INOXGFL Group strengthens its integrated renewable platform spanning development, ownership, and lifecycle asset management.

Conclusion

The successful bid for Wind World India’s 600 MW IPP portfolio and 4.5 GW O&M business marks a significant strategic milestone for the INOXGFL Group. The transaction enhances recurring revenues, deepens wind sector presence, and accelerates the group’s progress toward ambitious FY28 renewable energy capacity targets.

Investors will closely monitor transaction closure timelines and the financial impact in upcoming quarters.

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