INOXGFL Group has emerged as the successful bidder for the acquisition of the Independent Power Producer (IPP) and Operations & Maintenance (O&M) businesses of Wind World India through the National Company Law Tribunal (NCLT)-approved resolution process.

The acquisition will be undertaken through two group companies — Inox Clean Energy Limited (Inox Clean) and Inox Green Energy Services Limited (Inox Green).

Under the transaction, Inox Clean, the Group’s renewable energy platform focused on developing, owning and operating utility-scale wind, solar and hybrid assets, will acquire Wind World India’s IPP portfolio. Meanwhile, Inox Green, a leading renewable energy O&M service provider in India, will acquire the company’s O&M business.

Wind World India has operations spanning manufacturing, IPP and O&M activities. Its IPP portfolio, directly and through subsidiaries, comprises approximately 600 MW of installed capacity, with wind assets spread across seven key wind-rich states — Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

The company’s O&M portfolio stands at nearly 4.5 GW, serving a diversified client base that includes major corporates such as the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc, among others.

The acquisition will strengthen Inox Clean’s operational IPP portfolio by adding wind assets across several key renewable energy corridors in India. The company said the transaction will support its medium-term growth ambitions of reaching 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.

For Inox Green, the transaction is expected to significantly expand its O&M footprint. The company currently manages approximately 13.3 GWp of renewable energy assets and is targeting further growth to become India’s largest renewable energy O&M company.

Commenting on the acquisition, Devansh Jain, Executive Director, INOXGFL Group, said the transaction would strengthen the Group’s integrated renewable energy platform while expanding Inox Green’s O&M portfolio.

“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,” Jain said.

He added that the addition of operational wind assets and the expansion of the O&M business would deepen the Group’s presence across the wind energy value chain.

Akhil Jindal, Group CFO, INOXGFL Group, said the transaction was strategically timed and aligned with the Group’s valuation framework.

According to Jindal, the acquisition of operational IPP assets will enhance the Group’s recurring revenue profile, while the expanded O&M portfolio is expected to strengthen Inox Green’s annuity-driven revenues and profitability.

The acquisition further reinforces INOXGFL Group’s strategy of building an integrated renewable energy platform spanning asset ownership, power generation and O&M services, while expanding its presence across India’s rapidly growing wind and renewable energy market.