InoxGFL subsidiary raises ₹300 crore for green projects

18 Sep 2024 , 01:24 PM

IGREL Renewables Ltd., a privately held renewable power generation platform of InoxGFL Group, raised Rs 300 crore in equity capital by diluting a single-digit share in the company.

Akash Bhansali, Rohit Kothari, and Madhusudan Kela have each invested in IGREL Renewables through their own organisations.

“This venture places InoxGFL Group among the select few globally with a presence across the entire value chain of renewables, from project development, manufacturing, EPC, O&M, power supply, and power consumption,” stated Devansh Jain, Executive Director of InoxGFL Group.

Jain explained that the entity is being established privately to ensure that none of the group’s publicly traded firms have non-core debt. Jain stated that IGREL Renewables will eventually be renamed Inox Clean Energy.

IGREL Renewables aspires to be one of India’s leading renewable energy generation platforms. The company aims to reach 2 GW of installed capacity (wind and solar) by FY27, with a total outlay of Rs 12,000 crore. According to Jain, this will be funded through a combination of equity (25%) and debt (75%).

IGREL has placed firm orders for 200 MW and signed additional 550 MW LoIs with Inox Wind for turnkey wind projects.

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