“Acquisition of WWIL’s IPP and O&M Arms”

Inox Green Energy Services Ltd, one of the major renewable power operations and maintenance (O&M) service providers in India, today, in its exchange filing said that,

INOXGFL Group, today, emerged as a successful bidder for the acquisition of the IPP and O&M businesses of Wind World India Ltd (WWIL) through the National Company Law Tribunal (NCLT) approved resolution process. Source: BSE

According to the management commentary, the acquisition will be made through the group companies, namely Inox Clean Energy Limited’s subsidiary, Inox Neo Energies (Inox Neo), and Inox Green Energy Services Limited (Inox Green), respectively.

Under the transaction, Inox Clean Energy will acquire Wind World India’s Independent Power Producer (IPP) portfolio through its subsidiary Inox Neo, while Inox Green Energy will acquire Wind World India’s Operations & Maintenance (O&M) arm.

Refer to inox green energy services news for more information.

About Wind World India Ltd

Wind World India Ltd (WWIL) is engaged in manufacturing, IPP operations, and O&M services.

• The Company has an installed IPP capacity of 600 MW across Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, and Andhra Pradesh.
• It has an O&M portfolio of 4.5 GW, servicing marquee clients including Apraava Energy, Greenko, Hindustan Zinc, Tata Group, ReNew, and others.

Management Speech –

Commenting on the acquisition, Mr. Devansh Jain, Executive Director, INOXGFL Group, said,

This acquisition marks another decisive step in expanding our O&M portfolio under Inox Green and strengthening our integrated renewable energy platform under Inox Clean.

By adding high-quality operational wind assets to our IPP portfolio and significantly expanding our O&M scale, we are deepening our presence across the wind value chain.

Wind World’s strong asset base and long-standing customer relationships align seamlessly with our vision of building a scaled, technology-driven, and performance-focused clean energy platform that will play a meaningful role in India’s energy transition.

• The company’s market capitalization is ₹7,300 Cr.
• The stock is currently trading abobe its 20-day SMA and below its 50-day, 100-day, and 200-day Simple Moving Averages (SMA).

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11 November 2022

Inox Green Energy Services Limited – a part of the Inox GFL group of companies and one of the major “wind power operation and maintenance” service providers within India is planning to raise INR 740 Crore via IPO [Fresh Issue 370 Cr + OFS 370 Cr]

inox green energy ipo date = 11 Nov to 15 Nov 2022

Inox Green Energy: History

IGESL was originally incorporated as Inox Wind Infrastructure Services Limited at Vadodara (Gujarat) as a company limited by shares under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 11, 2012, issued by the Registrar of Companies (ROC), Gujarat at “Dadra and Nagar Haveli”

Inox Green Energy: Business

The Company is engaged in the business of providing long-term operation and maintenance (O & M) services for wind farm projects, specifically the provision of (O & M) services for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs.

It has a presence in Gujarat, Andhra Pradesh, Karnataka, Kerela, Maharashtra, Madhya Pradesh, Rajasthan, and Tamil Nadu.

inox green share price fixed at INR 65

Promoters

Inox Wind Limited

IPO DETAILS

Dates = 11 Nov 2022 to 15 Nov 2022

Face Value (FV) = INR 10

Issue Price = INR 61 to INR 65

Minimum Investment Amount = INR 14950

Minimum Bid = 230 Shares

Listing On = BSE, NSE

BOOK RUNNING LEAD MANAGERS

Edelweiss Financial Services Limited, DAM Capital Advisors Limited, Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, Systematix Corporate Services Limited

FINANCIALS

Conclusion

FinBlab recommends AVOID ratings (for the time being) on Inox Green Energy IPO

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