Inox Green acquires Wind World O&M for ₹550 cr in 2026

Deal closure: Vibhav Energy completes acquisition

Inox Green Energy Services said its wholly owned subsidiary, Vibhav Energy Private Limited, has executed a Business Transfer Agreement to acquire the operations and maintenance (O&M) business of Wind World (India) Limited (WWIL) for a total consideration of ₹550 crore. The acquisition was completed on October 6, 2026. The transfer has been structured as a slump sale on a going concern basis. The deal was facilitated by the Implementation and Monitoring Committee (IMC) of WWIL, which was overseeing the process under the Insolvency and Bankruptcy Code (IBC) framework.

The IMC extended the completion deadline to October 8, 2026, giving Vibhav additional time to finalise the payment and execute the agreement. Inox Green has stated that the transfer remains subject to satisfaction of conditions precedent set out in the Business Transfer Agreement. The company’s disclosures position the transaction as a key step in scaling its renewable O&M platform through an inorganic addition.

NCLT approval and IBC process milestones

The deal follows approval of the resolution plan by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The NCLT approval was granted on July 27, 2026. Inox Green said it received the certified copy of the order on August 3, 2026, which it described as clearing a key regulatory hurdle under the IBC process.

From the date it received the certified order, Inox Green had guided that the transfer of the O&M business would be completed within 60 days. The subsequent execution on October 6, 2026, and the IMC’s deadline extension to October 8, 2026, mark the final steps toward implementation and settlement as described by the company.

What exactly is being acquired

Under the resolution plan structure described by Inox Green, WWIL’s businesses are being separated. The plan outlines a split between the independent power producer (IPP) and power sale business, and the O&M business undertaking. Inox Green (directly or through a subsidiary) was identified as the implementation entity for acquiring WWIL’s wind turbine O&M business.

The O&M undertaking comprises an installed wind turbine service portfolio of approximately 4.5 GW. The locations cited include Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, and Tamil Nadu. Some coverage of the transaction also described the portfolio as servicing marquee clients such as Tata Group and ReNew, indicating the breadth of the existing customer base.

Consideration, structure, and funding mix

The acquisition consideration is a lump-sum amount capped at up to ₹550 crore, and Inox Green has also described it as being funded through cash consideration. For the completed acquisition announced on October 6, 2026, the company said the total consideration of ₹550 crore was funded through a combination of equity infusion and inter-corporate deposits. These were provided by Inox Green and its consortium partner, Authum Investment & Infrastructure Limited.

The resolution plan was submitted by a consortium of Inox Neo Energies Limited and Authum, and it received NCLT approval on July 27, 2026. Separately, coverage of the broader transaction has indicated that Inox Neo Energies would acquire a controlling stake in WWIL to house the IPP and power sale business, including a 600 MW operational IPP portfolio mentioned in reports.

Operating and financial context cited in reports

Reports around the transaction stated that the acquired O&M portfolio generated about ₹580 crore in revenue in FY26 and includes a 5% annual price escalation. Separately, other coverage described the O&M unit as generating approximately ₹600 crore in high-margin recurring revenue. Inox Green has also been described as valuing the transaction at approximately 2x EBITDA based on expected synergies over the next year.

These figures, while presented in market reporting, help frame the commercial rationale: O&M revenues are typically recurring and portfolio-linked, and the acquired book adds scale across multiple states. However, the company’s formal disclosures emphasise the cap of up to ₹550 crore and the going concern transfer mechanism permitted under the resolution plan.

Scale impact: portfolio rises to around 13 GW

The acquisition adds approximately 4.5 GW of wind O&M capacity under management. Multiple reports said that post-acquisition, Inox Green’s combined managed capacity is projected to reach approximately 13 GW. Another update stated that Inox Green’s total O&M portfolio expands to about 13.3 GWp as of June 2026, reflecting the company’s scaled position in the renewable O&M segment.

Inox Green has also indicated that financial consolidation of the acquired portfolio is scheduled to commence in Q2 FY27. This timeline has been referenced alongside the NCLT approval and the closing steps leading into October 2026.

Timeline of key dates

Key deal metrics at a glance

Market impact: why the transaction matters

For Inox Green, the acquisition materially increases scale in a services-led renewable platform where managed capacity is a primary driver of recurring revenue. A 4.5 GW addition is significant because it expands geographic reach and diversifies the serviced fleet across multiple states. The IBC-led resolution route also matters because it provides a court-approved framework for transferring assets and contracts, subject to conditions precedent and the agreed transfer mechanism.

The split structure under the resolution plan is also notable. By separating WWIL’s IPP and power sale business from the O&M undertaking, the consortium can align ownership with business models: generation assets and sale contracts on one side, and long-term service operations on the other. Inox Green’s role as implementation entity for O&M reflects its positioning as a pure-play O&M services operator.

Conclusion

Inox Green’s announcement confirms the closing of its ₹550 crore acquisition of WWIL’s wind O&M business through its subsidiary Vibhav Energy, following NCLT approval and the IMC-led implementation process. The company adds around 4.5 GW of O&M capacity, taking its managed portfolio to around 13 GW, with consolidation referenced for Q2 FY27. The remaining steps, as described by the company, hinge on completing the conditions precedent specified in the Business Transfer Agreement within the permitted framework of the resolution plan.