InoxGFL to invest Rs 50,000 crore in renewable energy operations by FY29

InoxGFL, a ₹1.53 trillion Indian conglomerate in chemicals, fluoropolymers, refrigerants, turbines and renewables, plans to invest ₹50,000 crore by FY29 in renewable energy operations across its businesses, said a top executive.

 

“The overall investment plan of the group involves about ₹50,000 crore in the next three years (by 2028-29) across the entire energy transition ecosystem — GFCLev, Inox Clean, Inox Neo Energies, Inox Wind and  Inox Green,” Devansh Jain, executive director (ED) of InoxGFL Group, told Business Standard.

“Potentially, it could go even further after one strategic event,” Jain said without mentioning what the strategic event is.

 

The group is reportedly eyeing ₹5,000-crore initial public offering (IPO) to list Inox Clean Energy. However, Jain did not comment on it, citing confidentiality. The investment holds significance as the company intends to add capacity across its group companies. This comes at a time when hybrid and round-the-clock (RTC) power projects are gaining momentum. The intent is also growth oriented, the executive said.

 

Hybrid power projects integrate two or more energy sources —such as solar and wind — to improve overall system efficiency and reliability.

 

In contrast, RTC power projects are designed to ensure a 24×7 power supply throughout the year. 

With over 90 years of presence, InoxGFL has invested over ₹3,200 crore across renewable energy and chemical verticals over the past one and a half years (till July 2025). 

 

The investment in renewables businesses during the same period was ₹1,650 crore. The company’s reported IPO is expected to be the largest renewable initial offering in India’s private sector. NTPC Green, the renewable energy arm of NTPC, was the first in the public sector to launch a ₹10,000-crore IPO.

According to Jain, a large part of the investment will go into the Inox Clean Energy business through its independent power producer arm — Inox Neo Energies, and Inox Solar. Subsequently, a large investment will go into the GFCLev battery chemical business.

 

A small part of the remaining investment will be split between Inox Wind (IWL) and Gujarat Fluorochemicals Ltd (GFL) — the flagship chemical company developing products for battery materials. As of now, a total of three companies of InoxGFL Group are listed on the exchanges — GFL, IWL — a leading manufacturer of wind turbines in India, and Inox Green, the operations and maintenance (O&M) company of the renewable arm. According to Jain, the merger of Inox Wind Energy Limited (IWEL) with IWL — approved by the National Companies Law Tribunal (NCLT) in June — has resulted in simplification of the corporate structure. It has also eliminated redundancies and unlocked value.

 

“The merger eliminated a ₹2,050-crore internal liability, as the funds previously given by IWL to IWEL now sit within the merged entity. This effectively strengthened IWL’s balance sheet by ₹2,050 crore,” Jain said, adding: “Following the merger, all inter-company debt has been eliminated, with corresponding liabilities now reclassified as assets.”

 

Separately, the ongoing rights issue, which involves IWL raising ₹1,249 crore, is primarily aimed at supporting growth and converting ₹600 crore of promoter loans into equity.

 

He said that this not only removes the liability but also brings in an additional ₹600 crore from other shareholders participating in the rights issue.

 

“Combined, these two actions convert ₹2,600 crore of liabilities into ₹3,200 crore of assets, creating a net swing of ₹5,800 crore,” Jain said.