Inox Green Energy Enters Solar O&M Business with 675 MWp Project Pact
Wednesday, 30 April 2025, 11:11 IST
Inox Green Energy Services Ltd has strategically entered the solar operations and maintenance (O&M) business, a major expansion of its renewable energy business. The company said on Wednesday, April 30, that it has entered into an agreement to offer O&M services for 675 MWp of solar power projects of a leading Indian renewable energy company. These projects are located in various states in India.
"With this, Inox has now entered solar O&M, which has huge growth potential for us in one of the fastest growing industries", Inox Green Energy CEO SK Mathusudhana stated.
This step is also in line with Inox Green's larger ambitions in the clean energy sector. The company, which is a member of the $12 billion INOXGFL Group, is already a dominant force in the wind energy O&M space and wants to extend its domain to the fast-growing solar sector.
Additionally, news reports that INOX Clean Energy, the other unit of the INOXGFL Group, is set to file a draft red herring prospectus (DRHP) with SEBI for a Rs 5,000-crore IPO in the confidential route. INOX Clean Energy is an integrated renewable platform with solar cell and module manufacturing abilities and an IPP (Independent Power Producer) operation.
Four INOXGFL Group firms are currently listed: Gujarat Fluorochemicals Ltd, Inox Wind Ltd, Inox Wind Energy Ltd, and Inox Green. Listing of INOX Clean Energy would add it as the fifth group entity to be listed.
Shares in Inox Green closed down 0.87% at Rs 142.95 during the last session, although the stock has risen by 16.57% in the last month.
"With this, Inox has now entered solar O&M, which has huge growth potential for us in one of the fastest growing industries", Inox Green Energy CEO SK Mathusudhana stated.
This step is also in line with Inox Green's larger ambitions in the clean energy sector. The company, which is a member of the $12 billion INOXGFL Group, is already a dominant force in the wind energy O&M space and wants to extend its domain to the fast-growing solar sector.
Additionally, news reports that INOX Clean Energy, the other unit of the INOXGFL Group, is set to file a draft red herring prospectus (DRHP) with SEBI for a Rs 5,000-crore IPO in the confidential route. INOX Clean Energy is an integrated renewable platform with solar cell and module manufacturing abilities and an IPP (Independent Power Producer) operation.
Four INOXGFL Group firms are currently listed: Gujarat Fluorochemicals Ltd, Inox Wind Ltd, Inox Wind Energy Ltd, and Inox Green. Listing of INOX Clean Energy would add it as the fifth group entity to be listed.
Shares in Inox Green closed down 0.87% at Rs 142.95 during the last session, although the stock has risen by 16.57% in the last month.
