Renewable energy platform INOX Clean Energy Ltd is planning to refile its IPO papers in the coming months after strengthening its business through acquisitions, according to CNBC TV18. Executive Director Devansh Jain of the InoxGFL Group confirmed that "at some point in time, over the next couple of months, you will be hearing on that front," referring to the company's IPO plans. The company had earlier filed confidentially for an IPO but decided to defer the listing as it pursued acquisitions to expand its renewable energy business. Jain stated that "that should be the broad plan" when asked whether INOX Clean would refile its IPO papers, indicating the company's commitment to going public after its strategic expansion.
Renewable energy platform INOX Clean Energy Ltd has secured ₹700 crore from Adar Poonawalla Family Office through their investment arm, Rising Sun Holdings Pvt. Ltd, at a valuation of ₹70,000 crore. According to latest reports, Rising Sun Holdings will acquire a one per cent stake in INOX Clean Energy through this investment. The company will utilize the fresh funds to expand renewable energy projects, boost manufacturing capacity, and pursue acquisitions in India and overseas. As reported by PTI, ₹700 crore is equivalent to ₹7 billion, representing a significant investment that typically funds businesses requiring substantial capital to build, buy, or scale assets over time. The investment values the renewable energy platform at ₹70,000 crore based on a sum-of-the-parts approach covering the IPP business and solar manufacturing operations in India and the US, with independent valuers and investment bankers involved in the fundraising process.
The company has achieved remarkable growth, expanding from zero megawatt to more than four gigawatt of operational capacity over the past 15 months, as confirmed by CNBC TV18. According to Jain, INOX Clean has built a renewable energy business in Africa and acquired assets in the US, significantly strengthening its global presence. The company is targeting 15 GW of operating independent power producer (IPP) capacity and 11 GW of solar module and cell manufacturing capacity over the next two years across India, Africa and the United States. The investment reinforces investor confidence in INOX Clean Energy's long-term growth strategy, with the company positioned to benefit from India's need for more electricity and cleaner electricity. The current list of marquee investors in INOX Clean and its subsidiaries includes CalPERS, RJ Corp, Enam, Akash Bhansali, Hero, DLF, and the Poonawalla family office, with the promoter group comprising the Jain family and InoxGFL currently owning about 95% of INOX Clean.
The investment announcement comes after INOX Clean Energy completed nearly 10 acquisitions over the past 10 months as part of its expansion strategy, according to CNBC TV18. These acquisitions include US-based Boviet Solar's manufacturing assets for $750 million, Vena Energy's Indian assets, Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business. The acquisitions have expanded the company's operating portfolio, manufacturing capacity, and international presence across independent power production, solar manufacturing, and related businesses. The company believes there is further scope for value creation as it scales up its renewable energy platform and manufacturing capacity over the coming months. The acquisitions have strengthened the company's balance sheet and business plan ahead of a public listing, positioning it well for its planned IPO revival.
The investment announcement demonstrates strong investor confidence in India's renewable energy sector, with Adar Poonawalla being one of India's best-known investors and business leaders. According to PTI, when Poonawalla's office backs a company, the market pays attention as it can signal confidence in the company's future plans. The deal backs a large Indian clean energy platform linked to the INOXGFL Group, with the investment representing sophisticated money that sees India's clean power buildout as a long-term growth story rather than a short-lived trend. The latest fundraising comes after Inox Clean completed 10 strategic acquisitions over the past 10 months, significantly expanding its presence across renewable power generation, solar manufacturing and related clean energy businesses. The investment reinforces investor confidence in INOX Clean Energy's long-term growth strategy, with the company positioned to benefit from India's need for more electricity and cleaner electricity.
