Inox Wind Limited executed binding agreements on June 29, 2026, for the partial divestment of equity shares in its material subsidiary, Inox Renewable Solutions Limited (IRSL). The transaction involves an aggregate consideration of approximately ₹50 crore, reducing the company's shareholding in IRSL from 88.84% to 87.98%. The divestment is classified as a related party transaction conducted at arm's length, with shares sold to third parties not belonging to the promoter group.

IRSL, formerly known as Resco Global Wind Services Private Limited, contributed 12.83% to the consolidated revenue and 14.07% to the consolidated net worth of Inox Wind in FY 2025-26. The subsidiary reported a revenue of ₹564.05 crore and a net worth of ₹897.77 crore during the last financial year. The transaction is expected to be completed within the next 10 days of the agreement date.

Financial and Operational Details

The material subsidiary, Inox Renewable Solutions Limited, has a paid-up capital of ₹161,94,12,560, comprising 16,19,41,256 equity shares of face value ₹10 each. The divestment follows an earlier authorization by shareholders at the 13th Extra-Ordinary General Meeting held on June 22, 2026, where the resolution to divest equity shares in a material subsidiary was approved with 80.85% votes in favor.

Inox Wind has signed a memorandum of understanding (MoU) with Inox Clean Energy for the supply of 1,500 MW of wind turbines. This strategic agreement, announced on June 16, 2026, reinforces the INOXGFL Group's 'One Integrated' renewable strategy and provides multi-year revenue visibility for Inox Wind. The company's order book has subsequently crossed 4.5 GW, supported by a robust existing pipeline of 3.1 GW.

Agreement Details

The MoU entails the supply of Inox Wind's advanced 3.3 MW and 4X MW series wind turbines for renewable energy projects being developed by Inox Clean across India. This collaboration leverages the interplay within INOXGFL Group entities to aid execution and revenue generation, creating a virtuous cycle that helps insulate the business from market cycles.

Order Book and Strategic Impact

With the addition of this MoU, Inox Wind's order book has risen from 3.1 GW to over 4.5 GW. This substantial backlog covers the company for the next few years and underscores its manufacturing capacity of approximately 2.5 GW per annum. The agreement aligns with the Group's strategy to combine the strengths of Inox Clean Energy, Inox Renewable Solutions, Inox Green Energy Services, and Inox Wind into a scalable renewable energy powerhouse.

Inox Clean's Growth Trajectory

Inox Clean, the counterparty and Group entity, has rapidly emerged as a leading renewable platform. The company achieved an operational portfolio of approximately 3.5 GW within its first two years and plans to add over 3 GW of renewable capacity annually. Inox Clean targets an operational renewable portfolio of 14 GW by FY29, with approximately 20%–30% of these annual additions expected to be wind power.

Management Commentary

Mr. Sanjeev Agarwal, CEO of Inox Wind, highlighted the significance of the steady multi-year order inflow, noting that the robust order book positions the company well for sustained growth. Mr. Bharat Saxena, CEO of Inox Clean Energy, emphasized that the partnership provides a distinct competitive advantage in terms of execution speed, supply chain certainty, and capital efficiency as Inox Clean scales its platform.