The investment comes as the Noida‑based company has completed ten acquisitions in the past ten months, highlighting its rapid expansion strategy.
Rising Sun Holdings Pvt. Ltd., the Adar Poonawalla family office, has invested ₹7 billion in Inox Clean Energy Ltd, the integrated renewable energy platform of the INOXGFL Group, at a valuation of ₹700 billion. The transaction is among the family office’s publicly announced investments in India’s renewable energy sector.
The investment follows earlier participation from California Public Employees’ Retirement System (CalPERS), which invested approximately ₹8 billion, alongside other institutional and family office investors.
Commenting on the deal, Devansh Jain, Executive Director, INOXGFL Group, said, “This investment is a strong endorsement of our vision, execution capabilities, and long-term growth strategy. Over the past year, we have built tremendous momentum by executing our roadmap through organic expansion and strategic acquisitions.”
Over the last ten months, Inox Clean has completed ten acquisitions, strengthening its platform across independent power production (IPP), solar manufacturing, and clean energy businesses. Notable deals include Boviet Solar’s US manufacturing assets ($750 million), Vena Energy’s Indian portfolio, Vibrant Energy, SunSource Energy’s Indian assets, and SkyPower’s Africa business.
The new capital will bolster Inox Clean’s balance sheet and provide flexibility to pursue ambitious expansion plans, including new renewable projects, manufacturing capacity growth, and further acquisitions in India and overseas.
Jain added, “As India’s energy transition gathers pace, we remain focused on building one of the country’s most diversified and globally competitive clean energy platforms.”
With marquee investors such as CalPERS, RJ Corp, Authum Investments, and Akash Bhansali already on board, the entry of the Adar Poonawalla Family Office strengthens Inox Clean’s credentials as one of India’s fastest-growing renewable energy players.