Inox Green NCLT approval: ₹550 cr WWIL O&M deal 2026

What the NCLT approval changes

Inox Green Energy Services Ltd has received the certified order from the National Company Law Tribunal (NCLT), Ahmedabad Bench, approving the resolution plan for Wind World (India) Ltd (WWIL). The order clears a key regulatory hurdle under the Insolvency and Bankruptcy Code (IBC) process and allows the group to move to transaction execution. The approval relates to WWIL’s assets being acquired under a consortium resolution plan. Inox Green has been identified as the implementation entity for acquiring WWIL’s wind turbine operations and maintenance (O&M) business under the plan.

The NCLT approval was granted on July 27, 2026, and Inox Green said it received the certified copy on August 3, 2026. The company has guided that the transfer of the O&M business is expected to be completed within 60 days from August 3, 2026. The deal is structured as an acquisition of a business undertaking rather than a purchase of shares in a separate entity.

Deal snapshot: ₹550 crore cap and cash consideration

Inox Green will acquire WWIL’s O&M business for a lump-sum consideration capped at up to ₹550 crore. The company said the transaction will be funded through cash consideration. The final amount is subject to agreed adjustments under definitive agreements to be executed between Inox Green (or its subsidiary) and Wind World.

The acquisition is proposed as a going concern transfer, to be executed through a slump sale or another structure permitted under the resolution plan. The final structure is also subject to approval by the Implementation and Monitoring Committee under the plan.

Who is buying what: bifurcated acquisition structure

The resolution plan outlines a split between the independent power producer (IPP) and power sale business, and the O&M business undertaking. Under the bifurcated approach described in the disclosures, Inox Neo Energies Ltd (INEL) will acquire a controlling stake in WWIL to house the IPP and power sale business. Separately, Inox Green (directly or through a subsidiary) will acquire the O&M business undertaking.

The broader consortium mentioned includes Inox Neo Energies Ltd and Authum Investment & Infrastructure Ltd. Inox Green’s role, as stated, is focused on the O&M platform build-out through WWIL’s O&M undertaking.

What Inox Green is acquiring: ~4.5 GW O&M portfolio

The O&M business comprises a wind turbine portfolio of approximately 4.5 GW spread across multiple states. The locations cited include Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, and Tamil Nadu. Inox Green has positioned the asset as an established domestic O&M portfolio that adds scale to its services business.

The company also disclosed that post-acquisition, Inox Green’s combined managed capacity is projected to reach approximately 13 GW. This projection is based on the addition of WWIL’s O&M portfolio to its existing managed fleet.

Financial detail disclosed: FY2025-26 revenue of the O&M business

Inox Green disclosed that the O&M business being acquired generated ₹579.77 crore in revenue during FY2025-26. The figure was stated as provisional and unaudited. This is the key operating metric provided for the acquired undertaking in the disclosure.

Separately, the company’s conference call commentary referenced an 86% increase in PAT to ₹41 crore, driven by higher other income, alongside discussion of the strategic acquisition of WWIL’s ~4.5 GW wind O&M portfolio. The same call context indicated that the transaction is expected to consolidate in Q2FY27.

Timeline: approval date to expected completion

The disclosure provides two clear dates and a targeted completion window. NCLT approval was granted on July 27, 2026. Inox Green received the certified copy of the order on August 3, 2026.

From that receipt date, Inox Green expects the transfer of the O&M business to be completed within 60 days. The company has also indicated that the acquisition would be executed through definitive agreements, with consideration capped at up to ₹550 crore, subject to agreed adjustments.

Capital raising plan linked to acquisition funding

Alongside the acquisition, Inox Green has also disclosed fundraising plans. The company said its board has approved the issue with a floor price set at ₹174.36 per share, as per the pricing formula prescribed under SEBI ICDR Regulations. It is looking to raise ₹300 crore.

The base offer comprises 1.81 crore shares with an option to issue another 60.4 lakh additional shares. Emkay Global is the bookrunner for the issue. Inox Green also stated that it intends to use the proceeds to invest in its subsidiary Vibhav Energy towards part-payment for the acquisition of Wind World (India)’s O&M business.

Key facts table

Fundraise structure table (as disclosed)

Market and stakeholder relevance

The NCLT order gives formal regulatory backing to the resolution plan and allows the implementation entities to move ahead with asset transfers. For Inox Green, the key operational impact is the addition of approximately 4.5 GW to its managed O&M portfolio, with a disclosed FY2025-26 revenue base of ₹579.77 crore for the acquired undertaking.

The structure also highlights how the consortium is splitting WWIL’s businesses between IPP and O&M, which matters for how future cash flows and operations are housed. The stated timeline of completion within 60 days from receipt of the certified order provides a near-term schedule for definitive documentation and transfer mechanics, subject to the resolution plan’s permitted structures and committee approvals.

Why the development matters

This is a process milestone because NCLT approval is central to implementing an IBC resolution plan. The company’s disclosures also link the transaction to a broader platform build-out, with the combined managed capacity projected to reach about 13 GW after the addition.

Separately, the fundraising plan and the stated use of proceeds toward part-payment provide clarity on how Inox Green is aligning capital raising with the acquisition. The next operational steps are the signing of definitive agreements, finalisation of adjustments within the deal cap, and completion of the business transfer within the stated timeline.