New Delhi, Feb. 19 -- The INOXGFL Group is set to acquire assets of insolvent green energy company Wind World India Ltd, after the committee of creditors approved its resolution plan.

The group has emerged the successful bidder in the National Company Law Tribunal (NCLT)-approved resolution process. Through Inox Neo Energies, a unit of unlisted Inox Clean Energy Ltd, it will acquire Wind World's roughly 600 MW operational independent power producer (IPP) portfolio. Through the listed Inox Green Energy Services Ltd, it will buy the approximately 4.5 GW wind operations and maintenance (O&M) business, according to exchange filings by Inox Wind Ltd and Inox Green.

Although the exchange filings did not specify any financial deals, media reports said that Inox had made a Rs. 1,800-1,900 crore (around $198 million to $209 million) bid for the purchase of Wind World India, which was set up in 1994 as a joint venture between German wind turbine major Enercon, which had a 56% stake and their Indian partners, the Mehra family, with 44%. The partners parted ways and the company went into bankruptcy.

Wind World's IPP assets consist of wind farms across seven states - Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh. Its O&M portfolio provides services to clients including the Tata Group, ReNew, Greenko Group, Apraava Energy and Hindustan Zinc.

The deal is subject to approval by the National Company Law Tribunal's Ahmedabad bench and compliance with other terms of the resolution plan. Wind World India, which also operates manufacturing facilities, has been under corporate insolvency resolution proceedings for several years.

Devansh Jain, executive director of the INOXGFL Group, said the acquisition would expand the group's O&M scale and deepen its presence across the wind value chain. "Wind World's strong asset base and long-standing customer relationships align seamlessly with our vision of building a scaled, technology-driven and performance-focused clean energy platform," he said.

Group CFO Akhil Jindal added that the transaction "falls within our valuation framework" and would enhance recurring revenue at Inox Clean while boosting annuity income and profitability at Inox Green.

Inox Clean Energy is targeting 10 GW of installed renewable IPP capacity by fiscal 2028. Inox Green, which manages around 13.3 GWp of renewable assets under management, aims to become India's largest renewable-energy O&M provider.

Shares of Inox Green rose as much as 7% in early trade on the BSE, while Inox Wind shares gained up to 6%, according to market data and media reports.

The development comes as India's renewable sector consolidates amid record capacity additions, with wind forming a key part of the non-fossil fuel mix.

Published by HT Digital Content Services with permission from VC Circle.