Inox Green Energy Solutions Ltd, a listed renewable operations and maintenance (O&M) service provider and part of the INOXGFL Group, has completed the ₹550 crore payment, including taxes, for the transfer of Wind World India Ltd’s 4.5 GW wind O&M business.
The payment was made through Inox Green’s subsidiary Vibhav Energy Pvt Ltd (VEPL) under the business transfer agreement (BTA) executed between VEPL and Wind World India.
The transaction is being implemented as a going-concern transfer in accordance with the BTA 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, enabling it to consolidate the financials of the acquired business on a line-by-line basis.
4.5 GW portfolio adds scale
Wind World India’s O&M portfolio covers approximately 4.5 GW and includes customers such as Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
The assets are spread across major wind-producing states including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
The acquired business generated approximately ₹580 crore in revenue during FY2026 and has contracted annual price escalation of around 5%.
The transaction is among the significant deals in India’s renewable O&M sector and is expected to substantially expand Inox Green’s operating footprint.
Inox Green targets 20 GW-plus portfolio
Inox Green’s O&M portfolio stood at 13.3 GWp as of June 2026, including the Wind World India portfolio and a separate 2 GW wind O&M acquisition currently held as an investment.
The company plans to leverage operational efficiencies, technology platforms and synergies within the INOXGFL Group to improve the acquired portfolio’s revenue and operating margins.
The group ecosystem includes planned annual capacity additions at Inox Clean Energy and external wind projects executed by Inox Wind. Inox Green said these opportunities put it on track to cross 20 GW of O&M capacity in the near future.
Focus on integration and synergies
INOXGFL Group, Executive Director, Devansh Jain, 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.”
He added that the transaction enhances Inox Green’s multi-brand OEM O&M capabilities and strengthens its ability to manage a larger fleet of wind assets.
The company is now focused on integrating Wind World India’s O&M business and leveraging the combined capabilities to improve operational performance, create value for customers and expand its renewable energy services platform.
Deal valued at about 2x EBITDA
INOXGFL Group, Group CFO, Akhil Jindal, said, “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.”
He said the integration would focus on improving operational efficiencies, expanding margins and unlocking synergies to maximise value creation.