October 2026, – India – Inox Green Energy Solutions has completed the payment for the transfer of Wind World India Ltd’s (WWIL) wind operations and maintenance (O&M) business, strengthening its position in India’s renewable energy services market.
The payment was completed on October 6, 2026, through Inox Green’s subsidiary Vibhav Energy Private Ltd (VEPL).
The transaction is being implemented under a Business Transfer Agreement between VEPL and WWIL and follows a Resolution Plan approved by the National Company Law Tribunal (NCLT).
The total consideration for the transaction is ₹550 crore, including taxes.
Inox Green Acquires 4.5 GW Wind O&M Portfolio
The acquired WWIL business comprises a 4.5 GW wind energy O&M portfolio spread across several major renewable energy markets in India.
The portfolio covers:
- Karnataka
- Maharashtra
- Tamil Nadu
- Rajasthan
- Gujarat
- Madhya Pradesh
- Andhra Pradesh
The customer base includes major companies such as Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
The acquired operations generated approximately ₹580 crore in revenue during FY2025-26. Existing contracts also include annual price escalation of around 5%, according to the company.
Inox Green O&M Portfolio Expands to 13.3 GWp
Following completion of the transaction, Inox Green’s renewable energy O&M portfolio stands at approximately 13.3 GWp as of June 2026.
The portfolio includes the acquired WWIL operations as well as a separate investment involving approximately 2 GW of wind O&M assets.
The expansion significantly increases the company’s operating footprint across India’s wind energy market and adds a large base of established customer relationships.
Company Targets More Than 20 GW of O&M Capacity
Inox Green expects its O&M portfolio to continue expanding as new renewable energy capacity is developed by Inox Clean Energy and projects executed by its parent company Inox Wind.
The company has set its sights on surpassing 20 GW of renewable energy O&M capacity in the near term.
Devansh Jain, Executive Director of INOXGFL Group, said the transaction is an important part of the group’s strategy to build a large renewable energy services platform.
He also highlighted the compatibility between WWIL’s asset base and customer relationships and Inox Green’s existing capabilities.
Deal Valuation and Synergies
According to Akhil Jindal, Group CFO of INOXGFL Group, the transaction was executed within the company’s valuation framework.
The deal multiple is approximately 2x EBITDA, based on expected earnings after the full realisation of synergies over the following year.
The company expects the integration of the acquired operations to create opportunities to improve operational efficiency, margins and customer value.
Inox Green Strengthens Position in Wind Services
The acquisition gives Inox Green a larger presence across India’s wind energy value chain at a time when the country’s renewable energy capacity continues to expand.
Beyond adding 4.5 GW of operating assets under its O&M portfolio, the transaction also provides access to an established customer base and operations across multiple wind-producing states.
The company will now focus on integrating the WWIL business and capturing operational and commercial synergies.
With its O&M portfolio at around 13.3 GWp and a target of exceeding 20 GW, Inox Green is positioning itself as a major player in India’s renewable energy operations and maintenance market.
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