Inox Green paid ₹550 crore for Wind World India's 4.5 GW wind O&M fleet

Inox Green Energy Services completed payment on 6 October 2026 for the transfer of Wind World India's 4.5 GW wind operations and maintenance business for a total consideration of ₹550 crore, per a regulatory filing. The payment ran through subsidiary Vibhav Energy (VEPL) under a business transfer agreement with Wind World India, with the O&M business transferring as a going concern under a resolution plan approved by the NCLT; Inox Green will hold 75% of VEPL and consolidate the acquired financials.

The asset is a who's-who of Indian renewables: the 4.5 GW portfolio serves customers including Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc, with assets spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh. The business generated about ₹580 crore of revenue in FY26 and carries contracted annual price escalation of around 5%.

Executive director Devansh Jain called the deal 'a defining step in our strategy to build India's largest and most technologically advanced renewable energy services platform', strengthening multi-brand OEM O&M capabilities across a larger wind fleet. Group CFO Akhil Jindal noted the multiple works out to about 2x EBITDA on earnings after synergies are fully realised over the next year. With the deal and a separate ~2 GW O&M investment, Inox Green's portfolio stood at roughly 13.3 GWp as of June 2026, on track to cross 20 GW.

Adds ₹580 crore of FY26 revenue with ~5% contracted annual escalation; Inox Green's managed portfolio reached ~13.3 GWp (June 2026) and it is on track to cross 20 GW.

The NCLT route priced a going-concern fleet cheaply: about 2x EBITDA on expected synergised earnings for a business already producing ₹580 crore a year.

Customer diversification is built into the asset — Tata, ReNew, Greenko, Apraava and Hindustan Zinc — moving Inox Green beyond servicing its sibling's turbines.

Multi-brand OEM capability is the strategic point: the group wants India's largest renewable services platform, not a captive workshop.

Revenue quality comes attached: ~5% contracted annual price escalation on the acquired book underwrites margin improvement.

Distressed M&A is a channel strategy: buying a failed OEM's service contracts turns a rival's installed base into your annuity revenue.

Payment was completed on 6 October 2026; financial consolidation follows implementation of the NCLT-approved resolution plan. Inox Green reported a ~13.3 GWp managed portfolio as of June 2026, expects to improve revenues and operating margins via operational efficiencies and INOXGFL synergies, and targets crossing 20 GW of managed capacity. The group is separately expanding via Inox Clean Energy capacity additions and Inox Wind's external projects.