Rs. 550 Crore paid for Wind World O&M undertaking; BTA executed under NCLT-approved resolution plan

Vibhav Energy (wholly owned subsidiary) has executed a Business Transfer Agreement with Wind World (India) Ltd for its O&M business.

Wed 7 Oct 2026

Consideration Paid

Rs. 550 Crore lump sum paid in full on 6 October 2026

Company Infusion into Subsidiary

Rs. 450 Crore: Rs. 250 Crore equity subscription and Rs. 200 Crore inter corporate deposit

Inter Corporate Deposit Terms

Rs. 200 Crore, unsecured, fixed interest rate of 12% per annum

What happened

• Vibhav Energy Private Limited, a wholly owned subsidiary, has executed a Business Transfer Agreement (BTA) with Wind World (India) Limited (WWIL) to acquire its operation and maintenance (O&M) business undertaking on a going concern basis under the resolution plan approved by the National Company Law Tribunal, Ahmedabad Bench.
• Vibhav has, on 6 October 2026, fully paid the lump sum amount of Rs. 550 Crore towards the cost of such acquisition.
• The acquisition/transfer will be completed upon satisfaction of the conditions precedent specified in the BTA.
• The completion window was extended by the Implementation and Monitoring Committee (IMC) of WWIL from a 60-day period that was about to expire on 1 October 2026, up to 8 October 2026.

How the Rs. 550 Crore was funded

• Rs. 450 Crore infused in Vibhav by the Company: Rs. 250 Crore by subscription to equity shares of Vibhav and Rs. 200 Crore by way of an inter corporate deposit.
• Out of that inter corporate deposit, up to Rs. 50 Crore is to be converted into equity/securities of Vibhav at a future date as per the inter corporate facility agreement.
• The balance Rs. 100 Crore has been infused by Authum Investment & Infrastructure Limited by way of inter corporate deposits, also to be converted into equity/securities of Vibhav at a future date.
• Being a wholly owned subsidiary, there is no change in the Company's shareholding percentage in Vibhav; the Company continues to hold 100% of its equity share capital.

Terms of the inter corporate deposit

• Size of the facility: Rs. 200 Crore; amount granted: Rs. 200,00,00,000 (Rupees Two Hundred Crore).
• It is an unsecured rupee loan, subordinated to the restructured debt and any other third-party debt, and is not to be repaid prior to full repayment of such debt.
• Fixed interest rate of 12% per annum; the parties may mutually agree to convert outstanding amounts into securities or instruments of Vibhav, repayable as a bullet repayment on a date to be mutually agreed.
• The loan agreement/sanction letter was executed on 25 September 2026.

Vibhav at a glance

• Authorised share capital: Rs. 500.01 Crore; paid-up equity share capital: Rs. 250.01 Crore (after considering the above allotment).
• Subscription to 25 Crore equity shares of face value Rs. 10 each, issued at par on a rights issue basis, for a total consideration of Rs. 250 Crore.
• Incorporated on 10 July 2017; engaged in providing O&M services for major wind power service providers within India.
• Turnover of Vibhav for FY 2025-26 was Nil, and was Nil in each of the last three years.

Points a reader may note

• The investment in Vibhav and the loan to Vibhav are related party transactions, being with a wholly owned subsidiary, and are stated to be at arm's length; other than the shareholding relationship, promoter/promoter group/group companies have no interest in the transaction.
• The consideration is cash consideration, and no government or regulatory approval is required for the acquisition.
• The resolution plan for WWIL was submitted by a consortium comprising Inox Neo Energies Limited and Authum Investment & Infrastructure Limited, approved by NCLT by order dated 27 July 2026.
• The payment of the full consideration has been made, while completion of the transfer itself remains subject to the conditions precedent in the BTA.

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