Inox Green to acquire majority stake in independent wind service provider

Inox Green Energy Services on Monday said it will acquire a majority stake in an independent wind service provider that operates majorly in South India with a 230+MW fleet.

However, the company did not disclose the value of the transaction and the name of the target company.

The transaction is subject to certain regulatory and other customary closing conditions and is expected to conclude by the end of January 2023, a company statement said.

"Inox Green...has signed a term sheet for acquisition of majority stake in a renowned independent O&M (operations and maintenance) wind service provider with a 230+MW fleet that operates majorly in South India," it said.

The target company specializes in O&M of multibrand wind turbine OEMs (original equipment manufacturers) and provides comprehensive O&M services as well as specialized corrective maintenance services.

Inox Green is actively pursuing inorganic growth opportunities along with the rapid growth that it envisages from the organic route as well.