Creditors Approve Inox-Authum Consortium's Acquisition of Wind World Assets
A consortium comprising Inox Neo Energies and Authum Investment & Infrastructure is poised to acquire the assets of bankrupt Wind World for an estimated Rs 1,800-1,900 crore, following approval from the committee of creditors. This strategic move marks a significant development in India's renewable energy sector, as it involves the takeover of a major wind power player.
Details of the Acquisition Plan
Under the approved resolution plan, Inox Neo Energies will acquire Wind World's 600 MW wind power portfolio, enhancing its generation capabilities. Meanwhile, its listed sister company, Inox Green Energy, will take over the entity's extensive 4.5 GW operations and maintenance (O&M) business. Both companies are key members of the InoxGFL Group, which leads the consortium.
Authum Investment & Infrastructure, owned by Sanjay Dangi, is primarily interested in Wind World's real estate assets, according to sources familiar with the transaction. Dangi has a notable track record, having previously acquired the NBFC business of Reliance, formerly under Anil Ambani's ownership.
Strategic Implications for InoxGFL Group
Wind World operates wind farms across seven states in India, and its O&M arm services prominent clients such as Tata, ReNew, Greenko, and Apraava Energy. This acquisition is expected to significantly bolster InoxGFL's position in the renewable energy market.
Devansh Jain, executive director of InoxGFL, commented that the deal will expand the group's O&M portfolio and strengthen its presence across the entire wind value chain. He emphasized the strategic fit of this acquisition with the group's broader goals.
Adding to this, Akhil Jindal, group CFO, stated that the transaction falls within our valuation framework and will enhance our recurring revenue profile. This aligns with InoxGFL's dual strategy of achieving a 10 GW wind power target and becoming India's largest renewable O&M player.
Background on Wind World
Founded in 1994, Wind World was originally a joint venture between German wind turbine manufacturer Enercon (holding 56%) and its Indian partner, the Mehra family (holding 44%). The partnership later dissolved, leading the company into bankruptcy proceedings, which have now culminated in this acquisition by the Inox-Authum consortium.
This acquisition not only resolves a key bankruptcy case but also reinforces InoxGFL's commitment to scaling its renewable energy operations, positioning it as a formidable player in India's green energy landscape.
