INOXGFL Group Nears Deal for Vena Energy India Unit

INOXGFL Group has emerged as the leading bidder for Vena Energy's Indian renewable energy operations, a substantial 1.1-gigawatt platform. The potential deal is valued between ₹4,500 crore and ₹5,000 crore (approximately $540 million to $600 million).

This move places INOXGFL ahead of competitors such as Jindal Renewables and Sekura Energy in securing the assets.

Strategic Expansion in Clean Energy

The acquisition would significantly expand INOXGFL's clean energy division, Inox Clean Energy. The company has recently made other strategic purchases, including Vibrant Energy for ₹5,000 crore and Boviet Solar for $750 million. These acquisitions aim to enhance manufacturing and development capabilities in both India and the United States.

Vena Energy's Indian Portfolio

Vena Energy India's assets, previously held by Global Infrastructure Partners (GIP), are spread across multiple Indian states, including Madhya Pradesh, Telangana, Maharashtra, Karnataka, and Gujarat. The portfolio features operational wind farms like the 108 MW Fatanpur Power project and various hybrid solar-wind installations.

GIP had acquired its stake in Vena Energy India following a larger $5 billion purchase of Equis Funds Group in 2017.

Renewable Energy Market Activity

Several other major infrastructure investors, including Actis, Sembcorp Industries, KKR, and Macquarie Group, had previously considered Vena Energy India. However, they did not proceed to later stages of negotiation. The current deal's advancement reflects a period of intense consolidation within India's renewable energy sector.