INOXGFL Buys Wind World India Assets, Adds 600 MW IPP And 4.5 GW O&M

INOXGFL Group has won the bid to acquire Wind World India’s Independent Power Producer (IPP) and Operations & Maintenance (O&M) businesses through a National Company Law Tribunal (NCLT)-approved resolution process. In a press release, Inox Wind said the acquisition will be carried out through its group companies — Inox Clean Energy Limited’s (Inox Clean) subsidiary Inox Neo Energies (Inox Neo) and Inox Green Energy Services Limited (Inox Green), respectively.

Under the transaction, Inox Clean, the Group’s renewable energy platform, will acquire Wind World India’s operational IPP portfolio of around 600 MW through its subsidiary Inox Neo. Inox Green, a renewable O&M service provider, will acquire Wind World India’s wind O&M business with a portfolio of nearly 4.5 GW.

Wind World India has manufacturing, IPP, and O&M operations. The company, directly and through its subsidiaries, has a combined installed IPP capacity of approximately 600 MW, with wind farms spread across seven key wind-rich states — Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh.

Additionally, Wind World India’s O&M portfolio stands at nearly 4.5 GW, servicing a marquee client base that includes leading corporates such as the Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc, among others.

Inox Clean Targets 10 GW IPP and 11 GW PV Manufacturing Capacity by FY28

With this acquisition, Inox Clean expands its IPP portfolio with operational wind assets across key wind corridors. The company is setting new growth benchmarks and has established a solid base to achieve its medium-term targets of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. Meanwhile, Inox Green, part of the INOXGFL Group and a leading listed renewable O&M company, manages around 13.3 GWp of assets. 

The Inox Group has been steadily expanding its IPP portfolio through acquisitions, including in 2025 when Inox Clean Energy Limited signed definitive agreements to acquire Vibrant Energy, a diversified renewable energy independent power producer (IPP), from Macquarie Corporate Holdings Pty Limited and other shareholders.

Vibrant Energy’s portfolio comprises 1,337 MW of renewable energy assets, of which nearly 800 MW is operational. The company’s projects are spread across key renewable energy hubs in India, including Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh. Vinay Pabba-led Vibrant Energy has reportedly been valued at around Rs 5,000 crore.

Leadership View

Commenting on the acquisition, Devansh Jain, Executive Director, INOXGFL Group, said, “This acquisition marks another decisive step in expanding our O&M portfolio under Inox Green and strengthening our integrated renewable energy platform under Inox Clean. By adding high-quality operational wind assets to our IPP portfolio and significantly expanding our O&M scale, we are deepening our presence across the wind value chain. Wind World’s strong asset base and long-standing customer relationships align seamlessly with our vision of building a scaled, technology-driven and performance-focused clean energy platform that will play a meaningful role in India’s energy transition.

Akhil Jindal, Group CFO, INOXGFL Group, added, “The transaction is strategically timed and falls within our valuation framework. The addition of operational IPP assets enhances our recurring revenue profile, while the expansion of the O&M portfolio further strengthens Inox Green’s annuity-driven revenues and profitability. We remain focused on prudent capital allocation, operational efficiency, and sustained cash flow generation as we scale.”