The NCLT-approved transaction adds a large contracted customer base, around ₹580 crore in FY26 revenue and ~5% annual price escalation, while strengthening Inox Green’s multi-brand O&M platform and its path toward 20 GW+ capacity.
Key Highlights
- Acquiring Entity – Inox Green Energy Services Limited
- Target Business – Wind World India Limited’s
- Capacity – 4.5 GW Wind O&M Business
- Total Consideration – ₹550 crore
- SPV – Vibhav Energy Private Limited (VEPL)
- Inox Green Stake in VEPL – 75%
- FY26 Revenue of Acquired Business – ~₹580 crore
- Contracted Price Escalation – ~5% per annum
- Portfolio Footprint – 7 states
- States – Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh & Andhra Pradesh
- Inox Green O&M Portfolio – ~13.3 GWp
- Near-Term Target – 20 GW+
Inox Green Energy Services Limited, a listed renewable energy operations and maintenance (O&M) service provider and subsidiary of Inox Wind Limited, has completed the payment for the transfer of Wind World India Limited’s (WWIL) 4.5 GW wind O&M business for a total consideration of ₹550 crore, including taxes. The transaction marks a major expansion of Inox Green’s renewable energy O&M platform and strengthens its position in India’s wind O&M sector.
The payment was completed on October 6, 2026, through Inox Green’s subsidiary Vibhav Energy Private Limited (VEPL) under a Business Transfer Agreement (BTA) executed with WWIL. 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).
Following completion of the transfer and implementation of the Resolution Plan, Inox Green will hold a 75% stake in VEPL, enabling line-by-line consolidation of the transferred business’ financials.
4.5 GW Portfolio Adds Significant Revenue Base
WWIL’s O&M portfolio comprises approximately 4.5 GW of wind assets spread across key wind-rich states, including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
The portfolio serves a marquee customer base that includes the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
The acquired O&M business generated approximately ₹580 crore in revenue in FY26 and benefits from contracted annual price escalation of around 5%. This provides Inox Green with a sizeable recurring revenue base while creating scope for further improvement through operational efficiencies and group synergies.
Strengthening Multi-Brand Wind O&M Capabilities
The transaction significantly enhances Inox Green’s multi-brand OEM O&M capabilities, allowing the company to manage a larger and more diversified fleet of wind assets.
As of June 2026, Inox Green’s O&M portfolio stood at approximately 13.3 GWp, including WWIL’s O&M portfolio and a separate investment to acquire approximately 2 GW of wind O&M assets.
The company plans to leverage its operational expertise, technology platforms and the broader INOXGFL Group ecosystem to improve the acquired portfolio’s revenues and operating margins.
Inox Green Targets 20 GW+ O&M Portfolio
Inox Green is targeting 20 GW+ of renewable energy assets under O&M in the near future. The growth is expected to be supported by planned annual capacity additions at Inox Clean Energy and external renewable energy projects executed by parent company Inox Wind.
The transaction is therefore strategically important beyond the addition of 4.5 GW of O&M capacity. With an established customer base, long-term contracts, approximately ₹580 crore of FY26 revenue and ~5% annual contractual escalation, the acquisition provides Inox Green with a strong platform for sustained growth in India’s renewable O&M market.
Commenting on the transaction, Devansh Jain, Executive Director, INOXGFL Group, said the deal would be a defining step in the company’s strategy to build India’s largest and most technologically advanced renewable energy services platform. He added that WWIL’s asset base and customer relationships complement Inox Green’s strengths and will help the company deliver improved operational performance across a larger fleet of wind assets.