Inox Green shares jump 7% as group wins Wind World IPP, O&M business

Shares of Inox Green Energy Services Ltd. rose over 7 per cent on Thursday after the INOXGFL Group emerged as the successful bidder for Wind World India's Independent Power Producer (IPP) and operations and maintenance business.

 

The company's stock rose as much as 7.09 per cent during the day to ₹187.4 per share, the biggest intraday gain since February 3 this year. The stock pared gains to trade 3.8 per cent higher at ₹181.7 apiece, compared to a 0.26 per cent decline in Nifty 50 as of 10:22 AM. 

 

Shares of the company rose for the third straight session and currently trade at 7.3 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 13.7 per cent this year, compared to a 1.2 per cent decline in the benchmark Nifty 50. inox Green has a total market capitalisation of ₹6,800.9 crore. 

INOXGFL Group wins bid for Wind World India’s IPP, O&M buz

INOXGFL Group emerged as the successful bidder for the acquisition of the IPP and Operations & Maintenance (O&M) businesses of Wind World India under a National Company Law Tribunal (NCLT)-approved resolution process.

 

The acquisition will be carried out through group companies -- Inox Clean Energy Ltd.'s subsidiary, Inox Neo Energies and Inox Green Energy Services Ltd.

 

Under the deal, Inox Clean Energy, the group’s renewable energy platform engaged in developing, owning and operating utility-scale wind, solar and hybrid assets, will acquire Wind World India’s IPP portfolio through Inox Neo Energies. Meanwhile, Inox Green Energy Services, a renewable O&M service provider with a diversified presence across multiple states, will acquire Wind World India’s wind O&M business.

 

Wind World India has manufacturing, IPP and O&M operations. The company, directly and through its subsidiaries, has a combined installed IPP capacity of around 600 megawatts, with wind farms spread across key wind-rich states including Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.

 

"This acquisition marks another decisive step in expanding our O&M portfolio under Inox Green and strengthening our integrated renewable energy platform under Inox Clean," Devansh Jain, executive director, INOXGFL Group, said. "By adding high-quality operational wind assets to our IPP portfolio and significantly expanding our O&M scale, we are deepening our presence across the wind value chain."

Inox Green Energy Q3 results 

The company's net profit surged 500.73 per cent to ₹24.69 crore, compared with ₹4.11 crore in the corresponding quarter of the previous year. Revenue from operations rose 33.80 per cent to ₹81.79 crore during the quarter, up from ₹61.13 crore a year ago.