Date: October 7, 2026
Transaction Overview
Inox Green Energy Solutions Limited (Inox Green) completed payment on October 6, 2026 for the transfer of Wind World India Limited's (WWIL) wind operations and maintenance (O&M) business. The payment was made through Inox Green's subsidiary Vibhav Energy Private Limited (VEPL) pursuant to the Business Transfer Agreement executed between VEPL and WWIL.
Transaction Structure and Terms
The O&M business of WWIL is being transferred to VEPL as a going concern as per the terms of the BTA and the Resolution Plan approved by the National Company Law Tribunal (NCLT). Post completion of the transfer and implementation of the Resolution Plan, Inox Green will own 75% stake in VEPL, enabling line-by-line consolidation of the transferred business' financials. The total consideration for the transaction, inclusive of taxes, is ₹550 crore.
Acquired Portfolio Details
WWIL's portfolio comprises 4.5 GW of wind O&M assets servicing a marquee client base including Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc. The assets are located across key wind-rich states: Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh. The portfolio generated revenue of approximately ₹580 crore in FY26 and benefits from contracted annual price escalation of approximately 5%.
Strategic Impact and Integration
This acquisition expands Inox Green's O&M portfolio to approximately 13.3 GWp (as of June 2026, inclusive of WWIL and a separate ~2 GW wind O&M acquisition currently held as an investment). The company plans to leverage operational efficiencies, advanced technology platforms, and group synergies to substantially boost the acquired portfolio's revenues and operating margins.
Supported by the INOXGFL Group ecosystem—including planned large annual capacity additions at Inox Clean Energy and external projects executed by parent company Inox Wind—Inox Green is positioned to exceed 20 GW+ capacity in the near future.
Management Commentary
Mr. Devansh Jain, Executive Director, INOXGFL Group stated this transaction is a defining step in building India's largest and most technologically advanced renewable energy services platform. He noted that Wind World's quality asset base and customer relationships complement Inox Green's strengths and reinforce long-term growth ambitions, enhancing multi-brand OEM O&M capabilities.
Mr. Akhil Jindal, Group CFO, INOXGFL Group confirmed the transaction was executed within their disciplined valuation framework, with the transaction multiple working out to approximately 2x EBITDA based on expected earnings after full realization of synergies over the next year. The focus will be on driving operational efficiencies, improving margins, and unlocking synergies to maximize value creation.
Company Background
Inox Green Energy Services Limited is India's only listed pure play renewable O&M service provider with ~13.3 GWp of renewable assets under management as of June 2026. The company provides long-term O&M services for renewable energy projects and is part of the INOXGFL Group, serving largest IPPs, PSUs, and retail customers with reliable cash flows supported by long-term O&M contracts.