INOXGFL in the Lead for Vena’s India Business Acquisition; Deal Valued at ₹4,500-5,000 Crore

Key Takeaways

INOXGFL Group is poised to acquire Vena Energy’s India business, valued at ₹4,500-5,000 crore.
The deal positions INOXGFL as the leader among bidders, surpassing competitors like Jindal Renewables and Sekura Energy.
This acquisition is part of INOXGFL’s broader strategy to enhance its clean energy assets, having recently made significant purchases in the sector.

INOXGFL Group Targets Vena Energy India Acquisition

According to sources, INOXGFL Group has positioned itself as the leading bidder to acquire Vena Energy’s India business, a 1.1 gigawatt renewable energy platform currently owned by Global Infrastructure Partners (GIP). The anticipated transaction could assign an enterprise value of between ₹4,500 crore and ₹5,000 crore to Vena Energy India. INOXGFL outperformed other potential bidders, including Jindal Renewables and Sekura Energy, with its offering.

GIP holds a 76% stake in Vena Energy India, while the remaining 24% is shared between China Investment Corporation (CIC) and Public Sector Pension Investment Board (PSP Investments). Following BlackRock’s acquisition of GIP, which amounted to $12.5 billion in 2024-25, Vena Energy India became a component of BlackRock’s extensive infrastructure investments.

Initially reported by ET back in April, the interest in Vena Energy India also attracted global investors like Actis, Sembcorp Industries, KKR, and Macquarie Group; however, they did not engage in advanced discussions with GIP.

An INOXGFL Group representative declined to comment, and Vena Energy India did not provide a response to emailed inquiries regarding the proposed deal.

This potential acquisition aligns with INOXGFL Group’s aggressive expansion strategy in the clean energy sector through its subsidiary, Inox Clean Energy. Recently, the company acquired Vibrant Energy from Macquarie Group for an approximate enterprise value of ₹5,000 crore, further solidifying its position in India’s burgeoning clean energy marketplace.

In addition to the Vibrant Energy acquisition, Inox Clean Energy recently purchased Boviet Solar for nearly $750 million, boosting its footprint in the US solar manufacturing industry. Earlier this year, it acquired Wind World India’s operational independent power producer portfolio of roughly 600 MW, further demonstrating its comprehensive growth strategy.

Inox Green Energy Services also initiated the acquisition of Wind World India’s wind operations and maintenance business, managing close to 4.5 GW of assets, through a resolution process approved by the National Company Law Tribunal.

Devansh Jain, executive director at INOXGFL, indicated that the group has added around ₹25,000 crore in assets over the past nine months, reflecting its ambition to secure a top-three position within India’s renewable energy landscape.

Vena Energy India operates as a subsidiary of Singapore-based Vena Energy, which boasts a global renewable energy development pipeline exceeding 39.2 GW. In 2017, a consortium led by GIP, alongside PSP Investments and CIC Capital, acquired the wind and solar portfolio from Equis Funds Group; this deal was one of the largest renewable energy transactions globally at the time, valued at nearly $5 billion.

In India, Vena Energy has a diverse renewable energy portfolio across several states, including Madhya Pradesh, Telangana, Maharashtra, Karnataka, and Gujarat. Key assets feature the 108 MW Fatanpur Power wind farm, the 26 MW JMD Power wind project in Madhya Pradesh, a 100 MW solar project at Dholera Solar Park, and the 176 MW Gudadur hybrid solar-wind project in Karnataka’s Koppal district.

In 2022, GIP sold its 700 MW Vector Green Energy platform to Sembcorp Industries in a deal valued at approximately $345 million, further illustrating the dynamic landscape of renewable energy assets in the region.

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