PE-VC Fund Investments
Inox Clean Energy raises Rs.700-Cr from Adar Poonawalla Family Office
Economic Times Inox Clean Energy
Adar Poonawalla Family Office, also known as Rising Sun Holdings, has invested INR 700 crore in Vadodara, Gujarat-based Inox Clean Energy . The transaction values the renewable energy platform at INR 70,000 crore.Inox Clean Energy is operated by the INOXGFL Group. It maintains a presence in independent power production, solar manufacturing, and clean energy services.The company plans to use the new funds to strengthen its balance sheet and improve financial flexibility to support expansion initiatives, including the development of new renewable energy projects, expansion of manufacturing capacity, and the pursuit of strategic acquisition opportunities in India and overseas.The investment follows a series of ten acquisitions by the firm, including the purchase of US-based Boviet Solar’s manufacturing assets, Vena Energy, Vibrant Energy, SunSource Energy’s Indian assets, and the African business of SkyPower. Existing investors in the platform include the California Public Employees’ Retirement System (CalPERS), RJ Corp, Authum Investments, and various family offices and high-net-worth individuals.
For FY25, Inox Clean Energy had reported about INR 77.72 crore in Operating Income and about INR 25.75 crore in PAT.
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