Inox Green Completes Rs. 5.5 bn Wind World O&M Deal
POWER & RENEWABLE ENERGY

Inox Green Completes Rs. 5.5 bn Wind World O&M Deal

Inox Green Energy Solutions has completed the payment for transferring Wind World India’s wind operations and maintenance (O&M) business to its subsidiary Vibhav Energy. The total consideration, including taxes, is Rs. 5.5 bn, according to a company statement.

The payment was made under a Business Transfer Agreement between Vibhav Energy and Wind World India. The transfer will be implemented as a going concern in accordance with the agreement and a resolution plan approved by the National Company Law Tribunal.

Inox Green will hold a 75 per cent stake in Vibhav Energy after completion of the transfer and implementation of the resolution plan. This structure will allow the company to consolidate the financials of the transferred business on a line-by-line basis.

The acquired O&M portfolio has a capacity of 4.5 GW and serves customers including Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc. The assets are located across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

The transaction expands Inox Green’s presence in India’s renewable energy services market and adds the Wind World India business to its operating portfolio. Devansh Jain, executive director of the INOXGFL Group, said the acquisition was an important step in the group’s strategy to build a large and technologically advanced renewable energy services platform.

Inox Green is a listed provider of renewable energy O&M services and is part of the INOXGFL Group. Vibhav Energy will hold the transferred business under the terms of the transaction documents and the approved resolution plan.

Inox Green Energy Solutions has completed the payment for transferring Wind World India’s wind operations and maintenance (O&M) business to its subsidiary Vibhav Energy. The total consideration, including taxes, is Rs. 5.5 bn, according to a company statement. The payment was made under a Business Transfer Agreement between Vibhav Energy and Wind World India. The transfer will be implemented as a going concern in accordance with the agreement and a resolution plan approved by the National Company Law Tribunal. Inox Green will hold a 75 per cent stake in Vibhav Energy after completion of the transfer and implementation of the resolution plan. This structure will allow the company to consolidate the financials of the transferred business on a line-by-line basis. The acquired O&M portfolio has a capacity of 4.5 GW and serves customers including Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc. The assets are located across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh. The transaction expands Inox Green’s presence in India’s renewable energy services market and adds the Wind World India business to its operating portfolio. Devansh Jain, executive director of the INOXGFL Group, said the acquisition was an important step in the group’s strategy to build a large and technologically advanced renewable energy services platform. Inox Green is a listed provider of renewable energy O&M services and is part of the INOXGFL Group. Vibhav Energy will hold the transferred business under the terms of the transaction documents and the approved resolution plan.

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