- INOXGFL Group’s integrated renewable-energy platform files DRHP with SEBI for one of India’s largest private-sector renewable-energy IPOs
- Proposed issue comprises fresh equity of up to ₹8,000 crore and offer for sale of up to ₹2,000 crore
- Company’s renewable IPP portfolio stands at 9.29 GW across India and Africa, with 2.37 GW already operational
- Solar manufacturing platform has 6 GW of operational module capacity across India and the US, with cell manufacturing capacity under development
- Fresh issue proceeds proposed to be deployed towards repayment/prepayment of borrowings and general corporate purposes
NE BUSINESS BUREAU
AHMEDABAD, SEPT 30
From sunshine to solar modules, wind power to a ₹10,000-crore public issue, Inox Clean Energy is preparing to take its expanding renewable-energy ambitions to the capital markets.
Inox Clean Energy Limited, part of the INOXGFL Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering aggregating up to ₹10,000 crore, comprising a fresh issue of up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore by the selling shareholder.
The proposed issue, which the company describes as the largest in the Indian private-sector renewable-energy space, comes as Inox Clean Energy builds an integrated platform combining renewable power generation with solar manufacturing.
Two engines, one green platform
The company operates through two principal business verticals—renewable power generation and solar manufacturing.
Its Independent Power Producer (IPP) business has an aggregate renewable portfolio of 9.29 GW across India and Africa, as of August 31, 2026. Of this, 2.37 GW is operational, approximately 0.80 GW is under construction, 2.99 GW constitutes pipeline capacity and another 3.13 GW is classified as future capacity.
The company develops, acquires, owns and operates renewable power-generation assets through its IPP business, while its solar manufacturing vertical produces photovoltaic (PV) modules for the renewable-energy market, with backward integration into solar-cell manufacturing under development.
According to the CRISIL Report cited by the company, Inox Clean Energy is among the top 10 Indian renewable IPP platforms and, on a fully commissioned basis, among the top 10 Indian integrated solar PV module and cell manufacturing players.
From power plants to solar factories
The company’s solar manufacturing business has an aggregate operational solar module manufacturing capacity of 6.00 GW across India and the United States, as of August 31, 2026.
Solar cell manufacturing capacity is under construction in India and the US, further strengthening the company’s ambition to create an integrated renewable-energy manufacturing chain.
The company’s IPP business in India is undertaken through Inox Neo Energies Limited, while its African operations are carried out through SkyPower Services MENA Limited, a venture with strategic partner Arctic International Private Limited.
In India, solar manufacturing is undertaken through Inox Solar Limited, while US solar module manufacturing operations are conducted through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables Private Limited.
A rapidly scaled-up green portfolio
Inox Clean Energy has significantly expanded its renewable-energy footprint through a combination of development and acquisitions.
According to the CRISIL Report, the company has been the fastest-scaled-up IPP platform in India, reaching 2.37 GW of operational capacity within the 1.5 years since April 2025 through an acquisition-led strategy.
The company’s business model combines what it describes as a differentiated “dual-engine” renewable-energy platform—scalable manufacturing revenues from its solar business alongside long-term annuity cash flows from its IPP operations.
It is also among the Indian-origin renewable-energy platforms with an operational presence across three continents, with renewable power-generation platforms in India and Africa and solar manufacturing facilities in India and the United States.
The INOXGFL ecosystem
The renewable-energy platform forms part of the broader INOXGFL Group, a diversified industrial group with interests spanning chemicals and renewable energy and three listed entities—Gujarat Fluorochemicals Limited, Inox Wind Limited and Inox Green Energy Services Limited.
The group ecosystem provides access to capabilities across the renewable-energy value chain, including solar module manufacturing, wind-turbine generators, engineering, procurement and construction, and operations and maintenance.
As of August 31, 2026, Inox Green Energy Services Limited was providing O&M services for approximately 0.53 GW of the company’s aggregate operational IPP capacity of around 2.37 GW.
₹8,000 crore fresh issue: where the money goes
The fresh issue proceeds are proposed to be utilised towards repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company and/or its subsidiaries, besides general corporate purposes.
Promoters of the company are Devansh Jain and Avarna Jain.
The proposed issue is being managed by Nuvama Wealth Management Limited, CLSA India Private Limited, Emirates NBD Capital India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, JM Financial Limited, Motilal Oswal Investment Advisors Limited and UBS Securities India Private Limited.
The DRHP filing marks a significant capital-markets milestone for Inox Clean Energy, placing its expanding renewable-power generation and solar-manufacturing platform before prospective public-market investors.
With its business spanning wind, solar, power generation and manufacturing, the company’s proposed public issue places a distinctly green proposition on the market: turning India’s renewable-energy transition into an integrated industrial opportunity.
