Inox Green Energy Solutions Ltd has announced the completion of its payment for the transfer of Wind World India Ltd's (WWIL) wind operations and maintenance (O&M) business. The transaction, valued at a total consideration of ₹550 crore including taxes, was executed through Inox Green’s subsidiary, Vibhav Energy Pvt Ltd (VEPL).
This acquisition marks a significant expansion for Inox Green. The wind O&M business from WWIL will be transferred to VEPL as a going concern, following the terms of a Business Transfer Agreement and a Resolution Plan approved by the National Company Law Tribunal (NCLT). Upon completion of the transfer and implementation of the Resolution Plan, Inox Green will hold a 75 percent stake in VEPL, allowing for line-by-line consolidation of the acquired business's financials.
Expanding Renewable Energy Portfolio
The acquired WWIL portfolio boasts a substantial 4.5 GW capacity, serving prominent clients such as the Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc. These assets are strategically located across seven Indian states: Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh. In FY26, this portfolio generated revenue of approximately ₹580 crore and benefits from contracted annual price escalation of about 5 percent.
With this acquisition, Inox Green's total O&M portfolio has grown to an estimated 13.3 GWp as of June 2026. This figure includes the newly acquired WWIL business and a separate wind O&M acquisition of approximately 2 GW, currently held as an investment. The company aims to enhance the acquired portfolio's revenue and operating margins through operational efficiencies, advanced technology platforms, and group synergies.
Strategic Growth and Future Outlook
Devansh Jain, Executive Director of INOXGFL Group, emphasized the strategic importance of the transaction. “This transaction will be a defining step in our strategy to build India’s largest and most technologically advanced renewable energy services platform,” Jain stated. “Wind World’s quality asset base and deeply entrenched customer relationships complement Inox Green’s strengths and reinforce our long-term growth ambitions. The transaction substantially enhances our multi-brand OEM O&M capabilities and strengthens our ability to deliver superior operational performance across a larger fleet of wind assets.”
Inox Green is on track to surpass 20 GW capacity in the near future, driven by planned annual capacity additions at Inox Clean Energy and external projects executed by its parent company, Inox Wind.
Akhil Jindal, Group CFO, INOXGFL Group, commented on the financial aspects: “We are extremely pleased to announce that this milestone transaction has been executed within our disciplined valuation framework. The business has several synergistic opportunities and the transaction multiple works out to approximately 2 times Ebitda, based on expected earnings after the full realisation of synergies over the next year. As we integrate the acquired business, our focus will be on driving operational efficiencies, improving margins and unlocking synergies to maximise value creation.”
As India’s only listed pure-play renewable O&M service provider, Inox Green, a subsidiary of Inox Wind and part of the INOXGFL group, maintains a diversified portfolio and long-term O&M contracts with a varied client base, including large Independent Power Producers (IPPs), Public Sector Undertakings (PSUs), and retail customers.