Payment completed for transfer of Wind World India's 4.5 GW wind O&M business

Inox Green has completed the payment for the transfer of the wind O&M business of Wind World India Ltd, a 4.5 GW portfolio.

Wed 7 Oct 2026

Total consideration (incl. taxes)

₹550 crore

Acquired business turnover (FY26)

approximately ₹580 crores

Stake in Vibhav Energy post transfer

75%

Payment for a 4.5 GW wind O&M business is done

• Inox Green Energy Services Limited has, on October 6, 2026, completed the payment for the transfer of the wind O&M business of Wind World India Limited (WWIL).
• The payment was made through Inox Green's subsidiary, Vibhav Energy Private Limited (VEPL), as per the Business Transfer Agreement (BTA) executed between VEPL and WWIL.
• The O&M business of WWIL is to be transferred to VEPL as a going concern, as per the terms of the BTA and the Resolution Plan approved by the Hon'ble National Company Law Tribunal (NCLT).

What is being acquired

• The portfolio is 4.5 GW of wind O&M assets, spread across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
• The client base includes the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.
• The business generated revenue of approximately ₹580 crore in FY26 and benefits from contracted annual price escalation of approximately 5%.

Consideration and stake

• The total consideration for the transaction, inclusive of taxes, is ₹550 crore.
• Inox Green will own 75% stake in VEPL after completion of the transfer and the implementation of the Resolution Plan, enabling line-by-line consolidation of the transferred business' financials.
• The Group CFO stated that the transaction multiple works out to approximately 2x EBITDA, based on expected earnings after the full realisation of synergies over the next year.

How the portfolio size looks afterwards

• Inox Green's O&M portfolio currently stands at ~13.3 GWp as of June 2026, inclusive of the WWIL portfolio and a separate ~2 GW wind O&M acquisition currently held as an investment.
• The company states it is firmly on track to exceed 20 GW+ capacity in the near future, supported by the INOXGFL Group ecosystem, including planned large annual capacity additions at Inox Clean Energy and external projects executed by parent company Inox Wind.

What the company says about the impact

• The press release describes this as one of the most significant deals in India's renewable O&M sector.
• Inox Green says it is uniquely positioned to substantially boost the acquired portfolio's revenues and operating margins by leveraging operational efficiencies, advanced technology platforms and group synergies.
• Management adds that the transaction substantially enhances its multi-brand OEM O&M capabilities, and that the focus is now on a seamless integration of the WWIL O&M business, driving growth and consolidating its leadership in renewable energy services.

Points a retail investor may note

• This is a payment-completion announcement for a transfer that is to happen as a going concern under an NCLT-approved Resolution Plan, with a stated 75% ownership of the acquiring subsidiary.
• The transaction carries a stated consideration of ₹550 crore against revenue of approximately ₹580 crore for the acquired business in FY26, and a stated multiple of approximately 2x EBITDA post synergies.
• The acquired capacity of 4.5 GW is a large addition to a portfolio stated at ~13.3 GWp as of June 2026.

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