Inox Green Energy Solutions has completed the ₹550-crore payment for the acquisition of Wind World India’s 4.5 GW wind operations and maintenance business, expanding its serviced portfolio and strengthening its position in India’s renewable energy services market.
Inox Green Energy Solutions Limited (Inox Green), part of the INOXGFL Group, has completed the payment under a Business Transfer Agreement (BTA) to acquire the wind O&M business of Wind World India Limited (WWIL). The transaction is being implemented through Inox Green subsidiary Vibhav Energy Pvt Ltd (VEPL), to which WWIL’s O&M business will be transferred as a going concern.
The transaction was undertaken in accordance with the BTA and the Resolution Plan approved by the National Company Law Tribunal (NCLT). Once the business transfer and implementation of the resolution plan are completed, Inox Green will hold a 75% stake in VEPL, enabling it to consolidate the transferred business’s financials on a line-by-line basis.
WWIL acquisition adds 4.5 GW wind O&M portfolio
The acquired portfolio has approximately 4.5 GW of wind O&M capacity and includes a customer base comprising the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
The assets are distributed across several of India’s major wind-energy markets:
- Karnataka
- Maharashtra
- Tamil Nadu
- Rajasthan
- Gujarat
- Madhya Pradesh
- Andhra Pradesh
The portfolio generated approximately ₹580 crore in revenue during FY26 and has contracted annual price escalation of around 5%, according to the company.
The acquisition provides Inox Green with additional exposure to operating wind assets across multiple states and customer groups, while expanding its multi-brand wind turbine O&M capabilities.
Inox Green’s serviced portfolio reaches 13.3 GWp
Following the transaction, Inox Green said its O&M portfolio stood at approximately 13.3 GWp as of June 2026. This figure includes the WWIL portfolio as well as a separate wind O&M acquisition of approximately 2 GW, which is currently held as an investment.
The company had an O&M portfolio of approximately 12.5 GW in November 2025, according to the information provided with the transaction.
Inox Green is targeting a serviced renewable-energy capacity of more than 20 GW in the near term. The company expects growth to be supported by capacity additions planned by Inox Clean Energy as well as external projects executed by Inox Wind.
The company said it plans to use operational efficiencies, technology platforms and wider group synergies to improve the revenue and operating margins of the acquired portfolio.
Transaction expected to strengthen multi-brand O&M capabilities
The WWIL business gives Inox Green an established customer base and operating portfolio beyond its existing O&M activities.
Devansh Jain, Executive Director, INOXGFL Group, described the transaction as a significant step in the group’s strategy to build a large renewable-energy services platform.
“This transaction will be a defining step in our strategy to build India’s largest and most technologically advanced renewable energy services platform.”
Jain said the acquired business would strengthen Inox Green’s multi-brand OEM O&M capabilities and expand its ability to manage a larger fleet of wind assets.
He added that the immediate priority would be integrating WWIL’s O&M business while combining the capabilities of the two businesses to improve customer value and support further growth.
InoxGFL expects synergies to improve economics
The acquisition is also being positioned as a margin-improvement opportunity.
Akhil Jindal, Group CFO, INOXGFL Group, said the transaction was completed within the group’s valuation framework and pointed to opportunities to improve operational efficiency and realise synergies.
According to Jindal, the transaction multiple is approximately 2x EBITDA, based on expected earnings after the full realisation of synergies over the following year.
The company expects the integration process to focus on operational efficiencies, margin improvement and the realisation of synergies from the enlarged portfolio.
From WWIL’s wind portfolio to a larger O&M platform
The transaction follows other expansion activity within the INOXGFL Group. The information provided identifies Inox Neo Energies as holding a 600 MW wind independent power producer (IPP) portfolio, while Inox Green is adding WWIL’s 4.5 GW O&M portfolio.
The two activities represent different parts of the wind-energy value chain, with the acquired WWIL business expanding the group’s exposure to long-term operations and maintenance services rather than adding generation capacity to Inox Green’s own IPP portfolio.
With wind assets spread across seven states and a customer base including several major renewable-energy and industrial groups, the acquired portfolio provides Inox Green with a broader operating footprint as India’s wind fleet continues to require long-term maintenance and asset-management services.
Bioenergy Business Analysis
The WWIL acquisition materially changes the scale of Inox Green’s wind O&M platform, but its importance extends beyond the addition of 4.5 GW of capacity. The portfolio brings established customer relationships, geographic diversification and contracted price escalation, while the reported FY26 revenue of about ₹580 crore provides an existing revenue base against which Inox Green can pursue operating efficiencies.
The transaction also illustrates the increasing importance of asset operations and maintenance as a recurring-services segment within India’s renewable-energy industry. As the installed wind fleet expands and older assets remain operational for extended periods, specialised O&M providers can capture value from long-term maintenance, performance optimisation and technology-enabled asset management. However, Inox Green’s ability to reach its stated 20 GW-plus serviced-capacity objective will depend on successful integration of the acquired business, further third-party wins and the pace of new renewable-energy capacity additions. The company’s stated expectation of roughly 2x EBITDA transaction valuation after synergies also means that the realisation of those efficiencies will be an important metric to monitor.
