Inox Green Energy Solutions has completed payment for the acquisition of Wind World India Limited’s (WWIL) 4.5 GW wind operations and maintenance (O&M) business in a Rs 550-crore transaction that significantly expands its renewable energy services portfolio.

 

The payment was completed on October 6 through Inox Green’s subsidiary Vibhav Energy Private Limited (VEPL), under the Business Transfer Agreement signed with WWIL. The O&M business will be transferred to VEPL as a going concern in accordance with the agreement and the Resolution Plan approved by the National Company Law Tribunal (NCLT).

 

Inox Green will hold a 75% stake in VEPL following completion of the transfer and implementation of the Resolution Plan, allowing it to consolidate the acquired business’s financials line by line.

 

The acquired portfolio generated approximately Rs. 580 crore in revenue in FY26 and comes with contracted annual price escalation of around 5%. Its marquee customer base includes Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.

 

The 4.5 GW portfolio is spread across major wind-producing states including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

 

The acquisition takes Inox Green’s O&M portfolio to approximately 13.3 GWp as of June 2026, including WWIL’s portfolio and a separate investment to acquire around 2 GW of wind O&M assets.

 

The company said operational efficiencies, technology platforms and synergies across the INOXGFL Group could help lift revenues and operating margins from the acquired portfolio. With planned capacity additions at Inox Clean Energy and external projects executed by Inox Wind, Inox Green is targeting more than 20 GW of managed capacity in the near future.

 

Commenting on the acquisition, Devansh Jain, Executive Director, INOXGFL Group, said, “This transaction will be a defining step in our strategy to build India’s largest and most technologically advanced renewable energy services platform. 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.

 

"We are now focused on a seamless integration of Wind World India’s O&M business, leveraging our combined capabilities to drive greater value for customers, accelerate growth and further consolidate our leadership in the renewable energy services sector.”

 

Akhil Jindal, Group CFO, INOXGFL Group, added, “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 2x 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 maximize value creation.”

 

The deal marks a major expansion of Inox Green’s multi-brand O&M capabilities as the company seeks to scale its presence in India’s rapidly growing renewable energy services market.