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INOXGFL Group, one of India’s leading business conglomerates, announced that its renewable energy platform, IGREL Renewables Ltd., has successfully raised ₹300 crore in equity capital. This capital raise, which resulted in a single-digit equity dilution, saw participation from prominent investors including Akash Bhansali, Rohit Kothari, and Madhusudan Kela through their respective entities.
IGREL Renewables, supported by INOXGFL’s extensive experience in building large-scale businesses, aims to become one of India’s leading renewable power generation platforms. The company targets an installed capacity of 2 GW by FY27, comprising wind and solar energy, with a projected total investment of ₹12,000 crore. The platform has already placed firm orders for 200 MW of capacity and signed an additional Letter of Intent (LoI) for 550 MW with Inox Wind for turnkey execution. IGREL has also issued multiple LoIs to top solar EPC companies as part of its solar capacity expansion.
Additionally, IGREL has secured Power Purchase Agreements (PPAs) and LoIs for over 600 MW of capacity from group companies and other commercial and industrial (C&I) customers, with further discussions underway for additional PPAs. The company plans to sell a portion of its capacity on the power exchanges.
INOXGFL’s renewable companies, including Inox Wind, Resco Global, and Inox Green, are set to benefit from large-scale business opportunities through the partnership with IGREL. Inox Wind’s turnkey project execution, including developed sites and power evacuation infrastructure, provides a major advantage for IGREL, accelerating project commissioning. Inox Green will also offer multi-year operation and maintenance (O&M) services for IGREL’s entire capacity, contributing to portfolio growth.
Mr. Devansh Jain, Executive Director of INOXGFL Group, commented on the development, stating, “IGREL will be a value enhancer for the entire Group, benefiting our listed companies through synergies across the renewable value chain. We are building this platform privately to ensure none of our listed companies carry non-core debt, and we thank our investors for their trust in IGREL.”
With this expansion, INOXGFL Group positions itself among the select few globally with a presence across the full renewable energy value chain, from project development and EPC to power consumption.
