Inox Green completes ₹550-crore acquisition of Wind World India’s 4.5 GW O&M business

Inox Green Energy Services, part of the Indian conglomerate INOXGFL Group, on Wednesday said it has completed the payment for the transfer of the wind operations and maintenance (O&M) business of Wind World India Limited (WWIL) for a total consideration of ₹550 crore.

The payment was made through Inox Green’s subsidiary Vibhav Energy Private Limited (VEPL) under the Business Transfer Agreement (BTA) signed between VEPL and WWIL, Inox Green said in an exchange filing today.

“This landmark transaction represents one of the most significant deals in India’s renewable O&M sector… The total consideration for the transaction, inclusive of taxes, is ₹550 crore,” the filing noted.

The O&M business will be transferred to VEPL as a going concern in accordance with the BTA and the resolution plan approved by the National Company Law Tribunal (NCLT), as per the release.

“This transaction will be a defining step in our strategy to build India’s largest and most technologically advanced renewable energy services platform,” Devansh Jain, Executive Director, INOXGFL Group, said.

“Wind World’s quality asset base and deeply entrenched customer relationships complement Inox Green’s strengths and reinforce our long-term growth ambitions,” Jain added.

He further said that the transaction substantially enhances the company’s multi-brand OEM O&M capabilities and strengthens its ability to deliver superior operational performance across a larger fleet of wind assets.

Inox Green to hold 75% stake in VEPL

Following completion of the transfer and implementation of the resolution plan, Inox Green will hold a 75% stake in VEPL, enabling it to consolidate the financials of the transferred business.

WWIL’s O&M portfolio spans 4.5 GW and includes customers such as Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc. The assets are spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

The portfolio generated revenue of around ₹580 crore in FY26 and has a contracted annual price escalation of around 5%, according to the company.

Inox Green’s renewable O&M portfolio stands at around 13.3 GWp as of June 2026, including WWIL’s O&M portfolio and a separate investment to acquire around 2 GW of wind O&M assets.

The company said it expects to leverage operational efficiencies, technology platforms and group synergies to improve revenues and operating margins from the acquired portfolio.

The acquisition is expected to support Inox Green’s plans to cross 20 GW of renewable O&M capacity in the near term, aided by planned capacity additions at Inox Clean Energy and external projects executed by group company Inox Wind.

Akhil Jindal, Group CFO, INOXGFL Group, said the transaction was executed within the group’s valuation framework and that the deal 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,” Jindal said.