Inox Green Energy Solutions Limited has completed the payment for the transfer of Wind World India Limited’s (WWIL) wind operations and maintenance (O&M) business, marking a major expansion of its renewable energy services portfolio.
The payment was completed on October 6, 2026, through Inox Green’s subsidiary, Vibhav Energy Private Limited (VEPL), pursuant to a Business Transfer Agreement signed between VEPL and WWIL. The transaction carries a total consideration of ₹550 crore, including taxes.
Under the agreement, WWIL’s O&M business will be transferred to VEPL as a going concern in accordance with the Business Transfer Agreement and the Resolution Plan approved by the National Company Law Tribunal (NCLT).
Following completion of the transfer and implementation of the Resolution Plan, Inox Green will hold a 75% stake in VEPL, enabling the company to consolidate the transferred business’s financials on a line-by-line basis.
The acquisition brings a 4.5 GW wind O&M portfolio to the Inox Green platform. The portfolio serves customers including Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc, with assets spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
WWIL’s O&M portfolio generated approximately ₹580 crore in revenue during FY26 and benefits from contracted annual price escalation of around 5%.
Inox Green said its O&M portfolio stood at approximately 13.3 GWp as of June 2026, including the WWIL portfolio and a separate approximately 2 GW wind O&M acquisition currently held as an investment. The company expects to leverage operational efficiencies, technology platforms and group synergies to improve revenues and operating margins from the acquired portfolio.
Supported by capacity additions planned by Inox Clean Energy and external projects executed by parent company Inox Wind, Inox Green said it remains on track to expand its O&M portfolio beyond 20 GW in the near future.
Commenting on the transaction, INOXGFL Group Executive Director Devansh Jain said the acquisition represents an important step towards building a larger and more technologically advanced renewable energy services platform in India. He added that WWIL’s asset base and customer relationships would strengthen Inox Green’s multi-brand OEM O&M capabilities.
INOXGFL Group CFO Akhil Jindal said the transaction was completed within the group’s valuation framework, adding that the transaction multiple works out to approximately 2x EBITDA, based on expected earnings following the full realisation of synergies over the next year.
Inox Green will now focus on integrating WWIL’s O&M operations, improving operational efficiencies and margins, and capturing synergies from the expanded wind services portfolio.
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