With the merger of Inox Wind Energy Ltd. (IWEL) and Inox Wind Ltd. (IWL), the Group aims to streamline operations, strengthen its balance sheet, and position itself as a key player in India’s clean energy transition. The consolidation eliminates Rs 2,050 crore in intra-group debt through its merger and is planning a subsequent listing of the company in the coming week. T
he INOXGFL Group has planned an investment of $5 billion (~₹40,000 crore) across its renewable energy (RE) and chemical businesses over the next 2–3 years, Devansh Jain, Executive Director, INOXGFL Group told Arunima Bharadwaj in an interview. INOX Wind has also charted out a ₹1,000 crore investment plan which will be deployed over the next two years for large IPP (independent power producers) plays and is targeting execution of 1.2 GW of green projects in FY26 and 2 GW in FY27. As a result of this merger, 632 equity shares of face value of Rs. 10 each of IWL will be allotted for every 10 equity shares of face value of Rs. 10 each of IWEL as on the Record Date.
What is the rationale behind the merger of IWEL with Inox Wind Ltd., and how will this consolidation improve operational efficiency?
The merger of IWEL with Inox Wind Ltd. is a strategic move by the INOXGFL Group to simplify the corporate structure, eliminate redundancies, and unlock value. By removing the holding company layer, we enable direct operational alignment, faster decision-making, and enhanced transparency. This consolidation streamlines governance, reduces compliance costs, and improves operational agility. For Inox Wind, the consolidation brings financial, operational, and strategic synergies, ultimately enhancing value for all stakeholders.
You’ve mentioned a reduction of approximately ₹2,050 crore in liabilities post-merger. How was this achieved, and what does the new balance sheet look like in terms of financial health and capital-raising capacity?
Inox Wind achieved the ₹2,050 crore liability reduction by eliminating intra-group debt through the merger. This de-leveraging strengthens the balance sheet, reduces interest outgo, and enhances net worth. The cleaner financial structure aligns with our capital-light strategy, creating headroom for large-scale renewable investments without increasing leverage.
How will the merger enhance stakeholder value in tangible ways—for investors, customers, and employees? What benefits can minority shareholders expect in the short and long term?
The merger enhances stakeholder value through greater transparency, simplified governance, and a stronger financial position. For investors, this results in improved valuations and easier benchmarking. Minority shareholders can expect better liquidity, greater visibility on dividends, and stronger long-term returns as the merged entity scales operations and expands margins.
What kind of synergies—operational, regulatory, and financial—do you expect to unlock as a result of this consolidation? Have you modeled potential improvements in margins, revenue, or cost savings?
The merger creates a simplified and cleaner structure by integrating the non-operating holding company into the operating entity. While operational initiatives were already in place, the merged entity benefits from a stronger balance sheet. Synergies include shared resources, reduced compliance burden, and improved financials through lower debt and interest costs. INOX Wind has modeled margin improvements through cost rationalization and volume-led operating leverage.
With the listing of the merged Inox Wind entity, what kind of market response and institutional investor interest are you anticipating?
This step has been taken in the interest of minority shareholders. At INOXGFL Group, we continuously strive to create stakeholder value. The merger has been well-received by both institutional and retail shareholders. The leaner structure and stronger balance sheet are expected to attract increased investor interest.
IWL announced a ₹1,000 crore investment in new manufacturing plants and wind energy sites. What is the timeline and geographic focus for these investments, and how do they align with India’s renewable energy goals?
The ₹1,000 crore investment will be deployed over the next two years. This includes large IPP plays through Inox Neo Energies and solar manufacturing via Inox Solar, delivering strong synergies across the Group. These initiatives position INOXGFL as one of India’s most deeply integrated energy transition players. INOX Wind is expanding manufacturing in Gujarat and Madhya Pradesh and developing wind sites in high-potential states such as Gujarat, Rajasthan, and Karnataka—aligning with India’s target of 500 GW of non-fossil energy capacity by 2030.
What is Inox Wind’s current manufacturing capacity, and how much do you plan to scale it up post-merger to meet future demand?
Currently, INOX Wind has 2.5 GW of wind turbine manufacturing capacity. We are investing in backward integration and will continue to expand capacity in a modular, demand-driven manner. This approach ensures cost efficiency while supporting large utility-scale and IPP projects.
With the merged Inox Wind Ltd. set to list this month, what are your topline and capacity addition targets for FY26–FY27? Post-listing, do you foresee further fundraising?
INOX Wind is targeting the execution of 1,200 MW in FY26 and 2,000 MW in FY27. We remain net cash positive across our group companies. With India’s renewable energy sector gaining momentum, INOX Wind is well-positioned to attract strong interest from both domestic and global long-term investors.
What are your cumulative investment plans for FY26–FY27, and can you provide a breakup of this? What scale of funding might be required to meet your investment goals in wind, hybrid, or solar segments?
The INOXGFL Group has announced a strategic investment of $5 billion (approximately ₹40,000 crore) across its renewable energy and chemical businesses over the next 2–3 years. This investment reflects our commitment to innovation, sustainability, and global competitiveness.