Motilal Oswal puts Rs 1,500 crore into Inox Clean Energy’s expansion

Mumbai|New Delhi: Motilal Oswal Group has committed ₹1,500 crore to privately held Inox Clean Energy, the renewable energy platform of the INOXGFL Group, in a structured private credit transaction that will fund acquisitions and other growth initiatives as the company scales up its renewable power generation and solar manufacturing businesses.

The initial ₹1,000 crore has already been deployed, with the remainder expected to be drawn in the coming weeks as Inox's identified acquisitions and capex plans progress. The investment is being made through compulsorily convertible debentures (CCDs).

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"The transaction is structured as hybrid capital, combining debt-like downside protection with an equity linked upside," said Rakshat Kapoor, head private credit at MO Alternates. "The CCDs are expected to convert into equity when Inox Clean accesses the capital markets and we are targeting an exit through an eventual initial public offering."

Inox Clean had filed a draft prospectus last year for a proposed initial public offering (IPO) but later withdrew it. The company is expected to continue its listing plans, with a potential IPO over the next 12-24 months.

"This investment from the Motilal Oswal Group is a strong endorsement of our integrated business model, execution capabilities, and long-term vision," said Devansh Jain, executive director, INOXGFL Group.

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Including the latest round, Inox Clean Energy has raised a total of ₹5,300 crore in a mix of equity and hybrid instruments since the start of 2026. It secured ₹700 crore by selling shares to Adar Poonawalla in July at a valuation of ₹70,000 crore.