Wind World’s 4.5 GW portfolio spans India’s wind‑rich states and serves leading clients across sectors.
Inox Green Energy Solutions Ltd, India’s leading listed renewable O&M service provider and part of the INOXGFL Group, has completed payment for the transfer of Wind World India Ltd’s (WWIL) 4.5 GW wind operations and maintenance business. The payment was made through its subsidiary Vibhav Energy Pvt. Ltd (VEPL) on October 6, under a business transfer agreement approved by the National Company Law Tribunal. The deal marks one of the largest transactions in India’s renewable O&M sector.
“This transaction will be a defining step in our strategy to build India’s largest and most technologically advanced renewable energy services platform,” said Devansh Jain, Executive Director, INOXGFL Group. “Wind World’s quality asset base and entrenched customer relationships complement Inox Green’s strengths and reinforce our long‑term growth ambitions.”
Under the agreement, WWIL’s O&M business will move to VEPL as a going concern. Inox Green will hold a 75 per cent stake in VEPL post‑transfer, enabling full consolidation of financials. The total consideration, inclusive of taxes, is ₹5.5 billion.
Client Portfolio Strength
WWIL’s 4.5 GW portfolio serves major clients including Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc. Assets span wind‑rich states such as Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh. The portfolio generated revenue of about ₹5.8 billion in FY2025‑26, with contracted annual price escalations of nearly 5 per cent.
“The business has several synergistic opportunities, and the transaction multiple works out to approximately 2x EBITDA based on expected earnings after full synergy realisation,” said Akhil Jindal, Group CFO, INOXGFL Group. “As we integrate, our focus will be on driving efficiencies, improving margins and unlocking synergies to maximise value creation.”
Inox Green’s O&M portfolio now stands at around 13.3 GWp as of June 2026, including WWIL’s assets and a separate nearly 2 GW wind O&M acquisition currently held as an investment.