NSE Symbol
INOXGREEN
Background and Resolution Plan Implementation
The Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench approved the resolution plan dated 13th February, 2026 (with addendum dated 20th May, 2026) on 27th July, 2026. The plan was submitted by a consortium comprising Inox Neo Energies Limited and Authum Investment & Infrastructure Limited for the acquisition of Wind World (India) Limited, which was undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
Business Acquisition Structure
Inox Green Energy Services Limited (directly or through its subsidiary) was identified for the acquisition of the operation and maintenance (O&M) business undertaking of WWIL under the Resolution Plan. The acquisition is to be completed by way of slump sale on a going concern basis. Vibhav Energy Private Limited, a wholly owned subsidiary of the Company, has been identified as the implementation entity for this acquisition.
Timeline Extension
The transfer of the O&M Business was originally expected to be completed within 60 days from date of receipt of the certified copy of the NCLT approval order (which would have expired on 1st October, 2026). The Implementation and Monitoring Committee of WWIL passed a resolution dated September 25, 2026 to extend the completion period up to 8th October, 2026.
Transaction Execution
Vibhav executed a Business Transfer Agreement with WWIL for the acquisition of the O&M business of WWIL in terms of the Resolution Plan. On 6th October, 2026, Vibhav fully paid the lump sum amount of ₹550 Crore toward the cost of acquisition. The acquisition/transfer of the O&M business undertaking will be completed upon satisfaction of the conditions precedent specified in the BTA.
Funding Structure
Equity Investment: The Company infused ₹450 Crore into Vibhav through:
- Subscription to equity shares: ₹250 Crore cash consideration for 25 Crore equity shares (face value ₹10 each) issued at par on rights issue basis
- Inter-corporate deposit: ₹200 Crore, of which ₹50 Crore is to be converted into equity/securities of Vibhav at a future date
Additional Funding: Authum infused ₹100 Crore by way of inter-corporate deposits, which is also to be converted into equity/securities of Vibhav at a future date.
Shareholding Impact
Vibhav remains a wholly-owned subsidiary with no change in the Company's shareholding percentage (100%) pursuant to this investment.
Subsidiary Details (Vibhav Energy Private Limited)
- Incorporation Date: July 10, 2017
- Business: Providing operation and maintenance services for wind power service providers within India
- Capital Structure (post-allotment):
- Authorized Share capital: ₹500.01 Crore
- Paid-up equity share capital: ₹250.01 Crore
- Financials: Turnover for FY 2025-26 was Nil (similar for previous three years)
Inter-Corporate Deposit Details
- Parties: Inox Green Energy Services Limited (lender) and Vibhav Energy Private Limited (borrower)
- Purpose: To fund the purchase consideration payable to WWIL for the O&M business acquisition
- Amount: ₹200 Crore
- Terms: Unsecured rupee loan, subordinated to restructured debt and any other third-party debt, fixed interest rate of 12% per annum, not repayable prior to full repayment of such debt
- Conversion Rights: Up to ₹50 Crore (along with accrued interest) may be converted into equity/securities of Vibhav at a later date on mutually agreed terms