Inox Green Energy Services Limited (IGESL) recently conducted a series of important meetings with its stakeholders to discuss a proposed demerger, marking a significant corporate action for the company. The meetings, held on November 1, 2025, were in compliance with an order from the National Company Law Tribunal (NCLT), Ahmedabad Bench, dated September 8, 2025.

Key Meeting Details

The company organized separate meetings for different stakeholder groups, each focusing on the consideration of a Scheme of Arrangement between Inox Green Energy Services Limited (the demerged company) and Inox Renewable Solutions Limited (the resulting company). Here's a breakdown of the meetings:

Voting Process

To ensure maximum participation and adherence to COVID-19 protocols, IGESL conducted these meetings through video conferencing. The company provided a remote e-voting facility for all stakeholder groups, which was available from October 28 to October 31, 2025. This approach allowed stakeholders to cast their votes on the proposed Scheme of Arrangement conveniently and safely.

Meeting Proceedings

Each meeting followed a similar structure:

1. Introduction of the Chairperson, Mr. Binod Kumar Sinha, and the Scrutinizer, Ms. Vandana R. Kohli, both appointed by the NCLT.
2. Confirmation of the required quorum.
3. Presentation on the proposed Scheme of Arrangement.
4. Discussion and voting on the resolution to approve the Scheme.

The meetings concluded with an additional 15-minute e-voting window for those who hadn't cast their votes earlier.

Significance of the Scheme

The proposed Scheme of Arrangement, if approved, would result in the demerger of certain operations from Inox Green Energy Services Limited to Inox Renewable Solutions Limited. This corporate action could potentially lead to a more focused business structure for both entities, allowing each to optimize its operations and strategy in the renewable energy sector.

Next Steps

While the meetings have concluded, the outcome of the voting process remains crucial. IGESL has stated that detailed voting results will be submitted separately to the stock exchanges. These results will determine whether the proposed Scheme of Arrangement receives the necessary stakeholder approval to move forward.

Investors and stakeholders of Inox Green Energy Services Limited should keep an eye out for further announcements regarding the voting results and any subsequent steps in the demerger process. The outcome of this corporate action could have significant implications for the company's future structure and operations in the renewable energy market.

Inox Green Energy Services Limited (IGESL), a leading renewable energy Operations and Maintenance (O&M) service provider, has reported robust financial results for the first quarter, showcasing significant year-on-year growth across key metrics.

Financial Highlights

For Q1, IGESL reported:

The company's EBITDA margin stood at an impressive 49% for the quarter.

Operational Performance and Portfolio Expansion

IGESL maintained a strong operational performance, with machine availability for its entire portfolio averaging around 95.6% during the quarter. The company has significantly expanded its portfolio, adding approximately 1.6 GW peak of solar O&M contracts in April-May. This strategic move into solar O&M aligns with the group's recent entry into solar module manufacturing and the growing opportunities in hybrid, round-the-clock (RTC), and firm dispatchable renewable energy (FDRE) projects.

The company's total renewable O&M portfolio now stands at approximately 5.1 GW. Additionally, IGESL signed an agreement for the comprehensive O&M of 182 MW of wind projects for one of India's largest diversified conglomerates.

Future Growth and Acquisitions

S.K. Mathu Sudhana, CEO of Inox Green Energy Services, outlined an ambitious growth plan, stating, "We are rapidly expanding our portfolio through both organic and inorganic means. We are continuously working with multiple parties on large-scale opportunities."

The company has made investments in an entity controlling around 2 GW of O&M assets, which is expected to reflect in its financial statements over the next six to nine months. IGESL is also participating in multi-gigawatt scale wind and solar O&M tenders as many large companies shift from in-house O&M to an outsourcing model.

Strategic Vision

Devansh Jain, Executive Director of the INOXGFL Group, expressed strong optimism about IGESL's growth trajectory. He stated, "We are extremely bullish on Inox Green and believe it's going to be a massive annuity cash flow business for Inox Wind and all Green shareholders."

The company has set an ambitious target to expand its O&M portfolio from the current 5 GW to approximately 17 GW over the next two years. This growth is expected to be driven by a mix of wind and solar assets, with wind forming the majority.

Corporate Actions and Future Outlook

IGESL has filed a scheme with the National Company Law Tribunal (NCLT) for the demerger of its substation business and its subsequent merger into Inox Renewable Solutions Limited. Upon approval, expected in the next 2-3 quarters, this move is anticipated to significantly improve IGESL's financial metrics by eliminating approximately INR 50.00-55.00 crores of annual depreciation from its books.

With its strong Q1 performance and aggressive growth plans, Inox Green Energy Services Limited appears well-positioned to capitalize on the expanding renewable energy sector in India, particularly in the O&M space for both wind and solar assets.