Inox Green Energy Services has completed the Rs 550 crore acquisition of Wind World India’s 4.5 GW wind operations and maintenance (O&M) business, significantly expanding its renewable energy services portfolio. The transaction payment was completed on October 6 through Vibhav Energy (VEPL), a subsidiary of Inox Green. The acquisition is being undertaken through a business transfer agreement with Wind World India.
Under the transaction, Wind World India’s O&M operations will be transferred to VEPL as a going concern. The transfer is being carried out in accordance with the business transfer agreement and the resolution plan approved by the National Company Law Tribunal (NCLT). Once the transfer and resolution plan are implemented, Inox Green will own a 75 per cent stake in VEPL and will be able to consolidate the acquired business into its financial statements.
Deal Adds 4.5 GW Wind Portfolio
The acquired portfolio covers 4.5 GW of wind assets across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh. Its customer base includes Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
The business recorded revenue of around Rs 580 crore in FY26. Its contracts also provide for annual price escalation of approximately 5 per cent, giving the portfolio a degree of visibility on future revenue growth. The acquisition strengthens Inox Green’s presence in multi-brand wind O&M and expands the scale of assets serviced by the company.
Including the Wind World India portfolio and a separate investment for the acquisition of around 2 GW of wind O&M assets, Inox Green’s O&M portfolio stood at approximately 13.3 GWp as of June 2026.
Inox Green Eyes 20 GW-Plus Managed Portfolio
Inox Green expects to improve revenue and operating margins from the acquired operations by integrating technology platforms, improving operational efficiencies and leveraging synergies across the INOXGFL Group.
The transaction has an estimated valuation of around 2x EBITDA based on expected earnings after the full realisation of synergies over the next year.
The acquisition comes as the broader INOXGFL Group expands its renewable energy operations through planned capacity additions at Inox Clean Energy and projects undertaken by Inox Wind.
Inox Green is now targeting more than 20 GW of managed capacity, further expanding its position in India’s wind energy O&M market.