Inox Clean Energy, the renewable energy arm of the INOXGFL Group, is preparing to file draft documents for a proposed Rs 10,000-crore initial public offering |
Inox Clean Energy, the renewable energy arm of the INOXGFL Group, is preparing to file draft documents for a proposed Rs 10,000-crore initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) by the end of this month or early October, according to a report by Moneycontrol. The company is expected to dilute around 10% stake through the IPO, with a targeted valuation of nearly Rs 1 lakh crore. Investment banks Nuvama, JM Financial and Emirates NBD are advising the company on the proposed share sale.Renewable energy platform expands through acquisitionsInox Clean Energy operates as an integrated renewable energy platform with businesses spanning power generation and solar manufacturing.

Through its subsidiary Inox Neo Energies, the company develops and manages wind, solar and hybrid energy projects, while Inox Solar manufactures solar modules and cells in India and the US.
The company, which is around 95% owned by promoters, plans to use the IPO proceeds for further acquisitions and reducing debt, sources said.Promoted by the Vivek Jain-led INOXGFL Group, the company is headed by executive director Devansh Jain. INOXGFL’s renewable energy and specialty chemicals businesses are separate from the Inox Group entities involved in industrial gases, cryogenic equipment and multiplex operations.The businesses were separated as part of a family settlement in 2021.Acquisition spree boosts renewable energy capacityInox Clean Energy’s proposed IPO follows an aggressive expansion strategy that has transformed it into a larger renewable energy player. The company has completed or announced 10 strategic acquisitions over the past year across India and overseas markets.

Its biggest transaction was the Rs 6,000-crore acquisition of Vena Energy India, previously owned by Global Infrastructure Partners, a BlackRock subsidiary. The deal added a significant renewable energy portfolio, including operational capacity, solar and wind projects, and battery energy storage system assets.Following the acquisition, Inox Clean’s operational and near-operational portfolio increased to around 4 GW, while its development pipeline crossed 12 GW of solar and wind projects along with 2.5 GWh of battery storage capacity.The company has also acquired renewable assets from Macquarie-backed Vibrant Energy, SunSource Energy, SkyPower’s Indian and African businesses, and Evergreen Power.