Key Takeaways
- INOXGFL Group has submitted a bid of Rs. 1,800-1,900 crore to acquire Wind World India under the insolvency process.
- The acquisition involves two entities of INOXGFL, targeting Wind World’s power generation portfolio and O&M services.
- INOX Clean Energy aims to expand its renewable energy capacity significantly, having recently raised $330 million for this purpose.
INOXGFL Bids for Wind World India Amid Insolvency
INOXGFL Group has officially entered a bid ranging from Rs. 1,800 to 1,900 crore for the acquisition of Wind World India, as revealed by credible sources. Wind World India, previously a joint venture between German wind turbine manufacturer Enercon and the Indian Mehra family, entered bankruptcy due to internal disputes among the partners. Creditors have lodged claims amounting to Rs. 5,900 crore against Wind World India at India’s National Company Law Tribunal.
Currently, the insolvency process is overseen by professional Ravi Sethia. Both INOXGFL and Sethia did not provide comments regarding the bid upon request. The company’s debts were initially transferred by banks to the National Asset Reconstruction Company Limited (NARCL) and subsequently sold to Omkara Asset Reconstruction Company.
INOXGFL’s bid is structured through its two subsidiaries: the unlisted Inox Clean Energy is focusing on acquiring Wind World’s 600 megawatts power generation portfolio, while the listed Inox Green Energy is targeting the operations and maintenance (O&M) services business, which oversees 4.3 gigawatts of power stations. A report from February 12 indicated Inox Green Energy’s interest in Wind World India’s O&M division.
In recent developments, unlisted Inox Clean Energy successfully raised $330 million from both global and local investors, including California Public Employees Retirement System (CalPERS), placing its valuation at $5.5 billion. The company is moving towards ambitious goals; in a recent announcement concerning Inox Clean Energy’s acquisition of Vibrant Energy, executive director Devansh Jain noted that the firm has achieved 3 gigawatts of renewable energy capacity at a pace outstripping its peers, with a target of achieving 10 gigawatts.
Although Inox Clean Energy filed for a proposed IPO in July 2022, it withdrew its draft red herring prospectus in December of the same year. During this interim period, the company has focused on acquisitions and securing additional funding to further its ambitions.
INOXGFL is a conglomerate with interests in various sectors including fluorochemicals, battery materials, and renewable energy, particularly solar and wind. It operates several listed entities including Gujarat Fluorochemicals, Inox Wind, and Inox Green Energy, positioning itself as a significant player in the renewable energy sector in India.
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