INOXGFL charts ₹40K-cr growth path in green energy

With the merger of Inox Wind Energy (IWEL) into Inox Wind (IWL), the INOXGFL Group aims to streamline operations, strengthen its balance sheet, and position itself as a key player in India's clean energy transition.

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The move wipes out ₹2,050 crore in intra-group debt, with the listing of the merged entity expected next week. In an interview with Arunima Bharadwaj, Devansh Jain, executive director of INOXGFL Group, said the group plans to invest around ₹40,000 crore across its renewable energy and chemical businesses over the next 2-3 years. Of this, ₹1,000 crore will go into large IPP projects, with Inox Wind targeting 1.2 GW in FY26 and 2 GW in FY27. Excerpts:

What is the rationale behind the merger of IWEL with Inox Wind, and how is this consolidation expected to enhance operational efficiency?

The merger of IWEL with Inox Wind is a strategic step by the INOXGFL Group to simplify the corporate structure, eliminate redundancies, and unlock shareholder value. By removing the holding company layer, we enable direct operational alignment, faster decision-making, and greater transparency. This consolidation streamlines governance, reduces compliance costs, and enhances operational agility. For Inox Wind, it brings financial, operational, and strategic synergies—ultimately driving long-term value for all stakeholders.