The INOXGFL Group, a prominent player in India's energy transition space, has announced that the Hon’ble National Company Law Tribunal (NCLT), Chandigarh Bench, has approved the merger scheme between Inox Wind Energy Ltd. (IWEL) and Inox Wind Ltd. (IWL). The order, dated June 10, 2025, paves the way for the amalgamation of IWEL into IWL.
This strategic merger is expected to bring multiple benefits to the group. It significantly strengthens Inox Wind's financial position by reducing liabilities by approximately Rs. 2,050 crore, resulting in a more robust consolidated balance sheet. Operational synergies from the merger are set to enhance efficiency through economies of scale, better resource utilization, and the elimination of overlapping functions, thereby streamlining regulatory compliances.
The merger also simplifies the INOXGFL Group’s wind energy business structure by removing the holding company layer, leading to a more transparent and efficient corporate structure. Additionally, the shareholding framework will be streamlined, as INOXGFL Group promoters will now hold direct equity in Inox Wind.
The consolidation is also expected to enhance stakeholder value by leveraging financial and operational synergies. As part of the merger arrangement, shareholders of IWEL will receive 632 equity shares of Rs. 10 each of IWL for every 10 equity shares of IWEL held on the record date, which will be announced soon. The allotment of new shares is expected to be completed within 1 to 1.5 months, subject to regulatory approvals and formalities.
Commenting on the development, Mr. Devansh Jain, Executive Director of INOXGFL Group, expressed gratitude to the NCLT for approving the merger and described it as a significant milestone in the group's journey. He highlighted that the merger marks the culmination of two years of dedicated effort and aligns with the group’s broader vision of driving India’s energy transition. Mr. Jain also noted that the merger supports the group’s clean energy ambitions and sets the stage for exponential growth, benefiting all stakeholders, including minority shareholders.
Reaffirming the group’s commitment to India’s green energy goals under the leadership of Prime Minister Narendra Modi, Mr. Jain emphasized that INOXGFL continues to expand its presence across multiple segments in the clean energy sector and is well-positioned to capitalize on emerging opportunities in the coming decade.