INOXGFL Group, one of India’s leading business groups, announced that its privately held renewable power generation platform, IGREL Renewables Ltd., has raised Rs. 300 crore equity capital, eventually resulting in a single digit dilution.

The capital raise witnessed participation by marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective entities.

IGREL Renewables Ltd., backed by the INOXGFL Group, has an unparalleled experience of building large businesses, and aims to become one of India’s premier renewable power generation platforms. The company targets to reach an installed capacity of 2 GW by FY27 (combination of wind and solar) at a cumulative capex of around Rs. 12,000 crore.

IGREL has already placed firm orders for 200 MW and has signed an additional 550 MW LoI with Inox Wind for wind capacities to be executed on turnkey basis. Further, for its solar capacity development, IGREL Renewables has given multiple LoIs to leading solar EPC companies with plans to place additional orders in the near future. The company has already tied up PPAs/received LoIs from Group companies and other large C&I customers for >600 MW capacity. The company is in advanced discussion with several C&I customers for additional PPAs and has earmarked certain capacities to be sold on the power exchanges.

Speaking on the momentous occasion, Devansh Jain, Executive Director, INOXGFL Group said, "We will be a value enhancer for the entire Group as all our listed companies benefit on account of the synergies with the platform. This venture establishes INOXGFL Group amongst the select few globally, having presence across the entire value chain of renewables, from project development, manufacturing, EPC, O&M, power supply, to power consumption. We are building this entity privately to ensure that none of our listed companies carry non-core debt. As promoters, we have always backed our businesses, nurturing them with our capital and expertise. I thank all our investors for their belief in IGREL, which will not only add value to all our Group companies but also create significant value for all the stakeholders."