INOXGFL bids Rs 1,800-1900 crore for purchase of Wind World India

New Delhi: INOXGFL Group has made a Rs. 1,800-1,900 crore bid for the purchase of Wind World India under the insolvency and bankruptcy code process, as per sources in the know.

Wind World India was formerly a joint venture between German wind turbine major Enercon and their Indian partners, the Mehra family. The joint venture partners fell out with each other and the company eventually went into bankruptcy.

Creditors filed claims of Rs. 5,900 crore against the company at India’s national company law tribunal


Wind World India is being administered by insolvency professional Ravi Sethia.

INOXGFL and Sethia declined to comment when contacted.

The company’s loans were sold by banks to National Asset Reconstruction Company Limited (NARCL) which eventually sold them to Omkara Asset Reconstruction Company.

INOXGFL has bid for Wind World India through two separate entities.

The unlisted Inox Clean Energy bid for the power generation portfolio of 600 megawatts of Wind World and the listed Inox Green Energy bid for the operations and maintenance (O&M) services business of Wind World India which maintains 4.3 gigawatts of power stations.

ET had reported on 12 February that Inox Green Energy had made a bid for Wind World India's O&M arm.

Unlisted INOX Clean Energy raised $330 million at a valuation of $5.5 billion from global and local investors including the California Public Employees Retirement System (CalPERS) recently.

The company has ambition plans. At a recent press release announcing Inox Clean Energy’s acquisition of Vibrant Energy, Inox GFL’s executive director Devansh Jain said the company had achieved 3 GW of renewable energy generation capacity faster than its peers and was on course to meet its 10 GW target.

Inox Clean Energy had made a confidential filing for a proposed IPO in July but withdrew its draft red herring prospectus in December. In the interim, it pursued acquisitions and fundraising plans.

INOXGFL Group is into fluorochemicals, battery materials manufacturing, solar and wind equipment manufacturing, renewable energy generation activities and operation and maintenance of wind farms.

The group has three listed entities – Gujarat Fluorochemicals, Inox Wind and Inox Green Energy.