Greater Noida (Business Desk): The INOXGFL Group, a leading energy transition player with interests in renewables and chemicals, is preparing to take INOX Clean Energy public, aiming to raise 10-15% from the public at a valuation of ₹50,000 crore ($6 billion). This IPO is set to be the largest fundraising initiative in India’s private renewable energy sector.
INOX Clean Energy is an integrated renewable platform spanning solar manufacturing—including cells and modules—and an Independent Power Producer (IPP) platform. The company’s integrated model positions it as a distinctive and scalable player in the clean energy space.
Sources revealed that INOXGFL has appointed five leading investment banks to manage the issue. While the exact timeline remains undisclosed, sources indicate that the listing is expected within the current calendar year.
The IPO is set to reinforce the INOXGFL Group’s standing as one of the most prominent players in India’s renewable energy market. The conglomerate operates across wind and solar manufacturing, project execution and commissioning (EPC), operations and maintenance (O&M), and IPP activities. Following the listing, the group will have five publicly listed companies: GFL, the flagship chemical company developing products for battery materials; Inox Wind Limited, a leading manufacturer of wind turbines in India; IWEL, the holding company currently undergoing a merger with Inox Wind Limited; and Inox Green, the listed O&M company of the renewable arm.
INOXGFL Group positions itself as a leader in energy transition, leveraging synergies from its $12 billion business empire. With a 3GW IPP platform featuring advanced-stage projects, the company is on track to become a premier commercial and industrial (C&I) renewable energy provider in India. The group also claims to have large-scale, multi-gigawatt infrastructure in place on a plug-and-play basis, ready for rapid expansion.
