M&A

M&A

Inox Group acquires Wind World India for Rs.1,900-Cr

Economic Times  

INOX Group has acquired Mumbai-based, distressed Wind World India 's independent power producer (IPP) and operations and maintenance (O&M) businesses. The bid was reported to be around INR 1,800-1,900 crore. Publicly listed Inox Green Energy Services bid for the O&M business, while unlisted group firm Inox Clean Energy bid for the IPP business.The acquisition was conducted through a National Company Law Tribunal (NCLT)-monitored bidding process. Wind World India was previously a joint venture between Enercon and the Mehra family before entering bankruptcy proceedings.Wind World India's O&M business provides maintenance services to 4.3 gigawatts of renewable energy plants for customers such as Greenko, ReNew Power, Tata, and Hindustan Zinc. Its IPP business holds 600 megawatts of renewable energy generation plants.