INOXGFL Group has won the bid to acquire Wind World India's wind energy portfolio through an insolvency resolution process at the National Company Law Tribunal (NCLT).
According to people familiar with the matter, the group placed a bid of about Rs 2,800 crore for the debt-laden company. INOXGFL declined to disclose the transaction value.
Wind World India was undergoing insolvency proceedings at the Ahmedabad bench of the NCLT. The company has around 600 megawatts (MW) of wind capacity as an independent power producer (IPP) and a 4.5 gigawatt (GW) operations and maintenance (O&M) portfolio.
In a statement, INOXGFL said the acquisition would be executed through its group entities, Inox Clean Energy Ltd and Inox Green Energy Services Ltd.
Inox Clean Energy will acquire the 600 MW IPP wind portfolio, with projects spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
Inox Green Energy Services will take over Wind World India's O&M arm, which services clients, including Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
Inox Clean Energy, which manufactures solar modules and cells and develops renewable energy projects, recently raised Rs 3,100 crore. The company aims to reach 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.
Inox Green, India's only listed renewable O&M-focused company, will expand its managed portfolio to about 13.3 GWp following the acquisition.
Devansh Jain, Executive Director of INOXGFL Group, said the deal would expand the group's O&M portfolio and strengthen its integrated renewable energy platform, deepening its presence across the wind value chain.
"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 said.
