Jindal Renewables, INOXGFL in race for GIP's Vena India

MUMBAI: Leading homegrown clean energy producers such as Naveen Jindal-owned Jindal Renewables, INOXGFL Group, and Edelweiss-owned Sekura Energy are in talks to acquire Vena Energy India, a 1.1 GW renewable energy platform owned by Blackrock's Global Infrastructure Partners (GIP), said people aware of the development. The proposed deal is expected to value Vena Energy India at ?4,500-5,000 crore (about $480-$535 million), the people said.

The potential bidders are currently undertaking due diligence of the asset, and binding bids are expected by next month, the people said. Global investors, including Actis, Sembcorp, KKR, and Macquarie, had also evaluated the company but decided against holding advanced negotiations with GIP, the people said.

They didn't elaborate.


Also Read: Delhi EV policy 2026: From subsidies and scrapping incentives to tax exemptions, all you need to know

GIP owns 76% of Vena Energy India, while the remaining 24% stake is held jointly by China Investment Corporation (CIC) and Canada's Public Sector Pension Investment Board (PSP). BlackRock acquired full ownership of GIP in FY25.

Vena Energy, INOXGFL, Jindal Renewables, Sekura didn't respond to email queries.

Also Read: India records highest-ever annual solar capacity addition of 45 GW in FY 2025-26: Pralhad Joshi

Vena Energy India is a subsidiary of Singapore-based Vena Energy, which has a global renewable energy development pipeline exceeding 39.2 GW.