INOXGFL deal push: Vena Energy India bid in 2026

Why the Vena Energy India process matters

INOXGFL Group has emerged as the front-runner to acquire Vena Energy’s India business, a 1.1 GW renewable energy platform currently owned by Global Infrastructure Partners (GIP), according to people familiar with the development. The proposed transaction is expected to value Vena Energy India at an enterprise value of INR 4,500-5,000 crore. Rival bidders named in reports include Jindal Renewables and Sekura Energy.

The talks come at a time when India’s clean energy sector is seeing rising consolidation, with strategic and financial buyers looking to scale operating portfolios. In this context, an acquisition of a multi-state platform with operating assets and hybrid installations can change the buyer’s footprint quickly. The reported bidding interest also underlines how operational renewable assets have become central to growth plans.

Who owns Vena Energy India and what is on sale

GIP currently owns 76% of Vena Energy India, while the remaining 24% is jointly held by China Investment Corporation (CIC) and the Public Sector Pension Investment Board (PSP Investments), according to people cited in the reports. BlackRock acquired full ownership of GIP in FY25.

Vena Energy India’s assets are reported to be spread across multiple Indian states including Madhya Pradesh, Telangana, Maharashtra, Karnataka, and Gujarat. The portfolio includes operational wind farms such as the 108 MW Fatanpur Power project, along with hybrid solar-wind installations.

Deal process status: due diligence and bid timeline

Potential bidders are undertaking due diligence of the asset, and binding bids are expected by next month, according to people aware of the development. Reports also said several global investors, including Actis, Sembcorp, KKR, and Macquarie, evaluated the company but did not proceed to advanced negotiations with GIP.

ET had earlier reported in April that Jindal Renewables, INOXGFL Group, and Sekura Energy were evaluating a potential acquisition of Vena Energy India. The latest reporting positions INOXGFL as the leading bidder based on the proposals submitted during the ongoing process.

Inox Green’s role in the group’s renewable buildout

Within the group, Inox Green Energy Services is presented as a key operating and maintenance (O&M) platform. In the provided disclosures, the group said its O&M subsidiary continues to grow, reaching more than 13 gigawatt-plus of wind and solar portfolio pan-India. The same set of statements describes Inox Green’s portfolio at “13-plus gigawatt peak,” comprising approximately 10.5 GW of wind assets with the balance being solar assets.

The disclosures also note that this scale includes an investment to acquire 6.5 GW of operational wind O&M assets of two companies, with completion expected soon. The company said that, once these investments formally fold into Inox Green’s balance sheet, consolidation is expected to result in a multi-fold increase in consolidated EBITDA and PAT for FY27 over FY26.

NCLT-approved Wind World India acquisition adds annuity revenues

Separately, INOXGFL Group won an NCLT bid for Wind World India’s IPP and O&M arms in an estimated INR 2,800 crore deal, according to a report. The acquisition is expected to be conducted through Inox Clean Energy Limited and Inox Green Energy Services Limited, with the stated objective of enhancing the group’s integrated renewable energy platform and expanding annuity revenue.

In another related disclosure, Inox Green Energy Services agreed to acquire Wind World India’s wind O&M business, which manages close to 4.5 GW of assets, through a National Company Law Tribunal-approved resolution process. Together, these transactions point to a strategy focused on building a larger services-led renewable platform alongside asset ownership.

Vibrant Energy acquisition: 1,337 MW for INR 5,000 crore

Among other recent acquisitions mentioned in the provided text, the company took over Vibrant Energy from Macquarie Corporate Holdings Pty Limited and other shareholders. The acquired portfolio is stated at 1,337 MW, with an enterprise value of INR 5,000 crore.

This transaction is presented as part of a broader series of moves to add renewable operating scale. While the text does not specify how the portfolio is split by technology, the use of enterprise value and portfolio size indicates that the group is tracking acquisitions through both capacity and valuation metrics.

Solar O&M additions and the KEC 625 MWp mandate

The provided material also references growth in solar O&M. It states that with the additions cited, Inox Green’s solar O&M portfolio has touched 1.8 GW, taking the total renewable O&M portfolio to 5.3 GW.

In a separate exchange communication, Inox Green Energy Services Limited informed that it issued a press release dated January 20, 2026 titled: “Inox Green enters into agreement with KEC for 625 MWp solar project O&M.” This reinforces the company’s focus on contractual O&M mandates as a steady, annuity-like revenue line.

Financial guidance: FY27 EBITDA targeted above INR 600 crore

The group has reiterated guidance tied to the consolidation of acquisitions and organic growth. As per the text, with investments folding into Inox Green’s balance sheet along with organic growth, the company maintains FY27 EBITDA guidance to be upwards of INR 600 crore.

The same commentary links the expected completion of pending acquisitions to a step-up in consolidated financials, including a multi-fold increase in consolidated EBITDA and PAT for FY27 over FY26. The text does not provide FY26 base numbers, so the magnitude is directional rather than quantifiable.

Key numbers at a glance

Market impact and what investors track next

The set of transactions and reported talks highlight two parallel themes: buying operating renewable platforms and scaling O&M services. A successful Vena Energy India acquisition at the indicated INR 4,500-5,000 crore enterprise value would expand INOXGFL’s clean energy arm, Inox Clean Energy, and add a multi-state operating base.

For Inox Green, the focus is on how quickly the pending acquisitions are completed and consolidated, because the company’s commentary explicitly links consolidation to FY27 profitability metrics. Investors also track the size and stability of annuity revenues from long-term O&M contracts, particularly as the group adds more third-party O&M mandates such as the 625 MWp project with KEC.

Conclusion

INOXGFL’s position as the reported front-runner for Vena Energy India comes alongside a broader pipeline of renewable acquisitions and O&M expansion across Inox Green and Inox Clean Energy. The next key milestone flagged in the reports is the submission of binding bids expected by next month, while the company has also indicated that certain O&M acquisitions are expected to close soon and then consolidate into Inox Green’s financials.

Registered office details (as disclosed)

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