Inox Green completes payment for the transfer of Wind World India’s 4.5 GW wind O&M business as per the business transfer agreement
Inox Green Energy Solutions Limited (“Inox Green”), India’s leading listed renewable operations and maintenance (“O&M”) service provider and part of the INOXGFL Group, has on October 6, 2026 completed the payment for the transfer of the wind O&M business of Wind World India Limited (“WWIL”). The payment has been made through Inox Green’s subsidiary Vibhav Energy Private Limited (“VEPL”) pursuant to the Business Transfer Agreement (“BTA”) executed between VEPL and WWIL. This landmark transaction represents one of the most significant deals in India’s renewable O&M sector.
The O&M business of WWIL will be transferred to VEPL as a going concern, as per the terms of the BTA and the Resolution Plan approved by the Hon’ble National Company Law Tribunal (NCLT). Inox Green will own 75% stake in VEPL post completion of the transfer and the implementation of the Resolution Plan, enabling line-by-line consolidation of the transferred business’ financials. The total consideration for the transaction, inclusive of taxes, is ₹550 crore.
WWIL’s high-quality 4.5 GW portfolio services a marquee client base, including the Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc. The assets span across key wind-rich states, including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh, and Andhra Pradesh. The portfolio generated revenue of approximately ₹580 crore in FY26 and benefits from contracted annual price escalation of approximately 5%.
Inox Green’s O&M portfolio currently stands at ~13.3 GWp (as of June 2026, inclusive of WWIL and a separate ~2 GW wind O&M acquisition currently held as an investment). By leveraging operational efficiencies, advanced technology platforms, and group synergies, Inox Green is uniquely positioned to substantially boost the acquired portfolio’s revenues and operating margins.
Supported by the INOXGFL Group ecosystem—including planned large annual capacity additions at Inox Clean Energy and external projects executed by parent company Inox Wind—Inox Green is firmly on track to exceed 20 GW+ capacity in the near future.
Commenting on the acquisition, Mr. Devansh Jain, Executive Director, INOXGFL Group, 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. The transaction substantially enhances our multi-brand OEM O&M capabilities and strengthens our ability to deliver superior operational performance across a larger fleet of wind assets.
We are now focused on a seamless integration of Wind World India’s O&M business, leveraging our combined capabilities to drive greater value for customers, accelerate growth and further consolidate our leadership in the renewable energy services sector.”
Mr. Akhil Jindal, Group CFO, INOXGFL Group, added, “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. As we integrate the acquired business, our focus will be on driving operational efficiencies, improving margins and unlocking synergies to maximize value creation.”
About Inox Green Energy Services Limited:
Inox Green Energy Services Limited is India’s only listed pure play renewable operations and maintenance (“O&M”) service provider with ~ 13.3 GWp of renewable assets under management (including WWIL’s O&M portfolio and an investment made to acquire another ~ 2 GW of wind O&M assets) as on June 2026. The company is engaged in the business of providing long-term O&M services for renewable energy projects. The Company is a part of the INOXGFL Group and a subsidiary of Inox Wind, with whom it enjoys a synergistic relationship. It has a strong and diverse portfolio base and an established track record of over a decade. It has reliable cash flows supported by long-term O&M contracts. Its customers include some of the largest IPPs, PSUs along with various retail customers.
About INOXGFL Group
INOXGFL Group, a multi-billion -dollar Indian conglomerate, is a leader in the global energy transition space. With a legacy of over 90 years, the Group’s interests span across chemicals and renewables, with presence in over 75 countries across five continents. INOXGFL Group companies are forerunners across diversified business segments, with three listed entities — Gujarat Fluorochemicals Limited (GFL), a global leader in the specialty fluorine chemicals space; Inox Wind Limited (IWL), India’s leading comprehensive wind solutions provider and Inox Green Energy Services Limited (IGESL), India’s only listed pure play renewables O&M services provider. On the unlisted front, GFL’s subsidiary — GFCL EV Products Limited (GFCL EV) — is scaling up to become the largest non-Chinese integrated advanced battery materials supplier globally. Further, through Inox Clean Energy Limited (ICEL), the Group is rapidly expanding globally across renewable energy IPP and solar manufacturing verticals. The Group’s performance and leadership are reflected in its diverse portfolio of products and services, where several of its companies are setting new growth benchmarks, as well as impactful corporate social responsibility initiatives. With an aim to drive progress and contribute to a greener future, the INOXGFL Group continues to contribute prominently to India’s growth story.