Inox Green Acquires Wind O&M Firm I-Fox Windtechnik, Enters Multi Brand O&M Business

Renewable energy conglomerate Inox Green Energy Services Limited (IGESL) has said that it has acquired a majority stake in I-Fox Windtechnik India that will help the company in its wind energy business. Inox Green is a subsidiary of Inox Wind. With this, Inox has entered the market for multi brand O&M services in Wind Energy.

Inox Green said in an exchange filing that the firm paid Rs 35,947.71 for each share it acquired. It now has a controlling stake of 51 per cent stake in I-Fox Windtechnik India.

I-Fox Windtechnik India mentions that it has a wind energy project of cumulative capacity of 230 MW. Most of these wind projects are operating in southern parts of India.

Inox Green Announces Intent To Acquire O&M Wind Service Provider

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It’s turnover in the past three years has grown strongly, as follows:
o FY 2019-20: Rs. 7.78 Crore
o FY 2020-21: Rs. 12.83 Crore
FY 2021-22: Rs. 21.63 Crore

Inox Green said in the regulatory filing that with this acquisition, the firm will enter into the multi-brand OEM wind turbine business. The RE firm is promoting its inorganic growth journey as part of its plans to grow its fleet.

Inox Green said in the filing, “This will empower the company to leverage the synergies and efficiencies across the combined teams, supply chain capabilities and technical expertise.”

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In November, 2022, Inox Green had launched a 740 crore initial public offering (IPO) with a price range of Rs 61-65 for each share. It held that it received a subscription that was 1.55 times on the last day of the IPO offer.

Last December, Inox Green had announced that it was close to the purchase of the majority ownership in a target company, that is a reputable Independent O&M Wind Service Provider with a 230+MW fleet that mostly serves South India. It was hinting at I-Fox Windtechnik India.

Earlier, Inox Wind announced that the Board has given the company permission to finance up to Rs 800 crore through the private placement of non-convertible preference shares to promoters. The official release by the company states that the money raised would go toward paying off the debt.

Recently, Adani Green Energy had revealed that it acquired three entities from Inox Green with each of the three entities holding 50 MW operational wind power projects at Dayapar in Gujarat.