INOXGFL Group to Acquire Vena Energy's India Business for ₹4,500-5,000 Crore

INOXGFL Group is poised to acquire Vena Energy's Indian renewable energy business. The deal is valued between ₹4,500-5,000 crore. This move signifies INOXGFL's aggressive expansion in India's clean energy sector. The conglomerate has recently made several strategic acquisitions, bolstering its renewable energy portfolio. This acquisition further strengthens its position in the rapidly growing market.

Mumbai: INOXGFL Group has emerged as the front-runner to acquire Vena Energy's India business, a 1.1 gigawatt renewable energy platform currently owned by Global Infrastructure Partners (GIP), according to people familiar with the development.

The proposed transaction is expected to ascribe an enterprise value of ₹4,500-5,000 crore to Vena Energy India, they said, adding that the Noida-headquartered conglomerate surpassed rival bidders including Jindal Renewables and Sekura Energy with its proposal.

GIP currently owns 76% stake in Vena Energy India, while the remaining 24% is jointly held by China Investment Corporation (CIC) and Public Sector Pension Investment Board (PSP Investments). Following BlackRock's $12.5 billion acquisition of GIP in 2024-25, Vena Energy India became part of BlackRock's broader infrastructure portfolio.

ET had first reported in April that Jindal Renewables, INOXGFL Group and Sekura Energy were evaluating a potential acquisition of Vena Energy India.

Global investors including Actis, Sembcorp Industries, KKR and Macquarie Group had also assessed the asset but did not proceed to advanced negotiations with GIP.

An INOXGFL Group spokesperson declined to comment, while Vena Energy India did not respond to emailed queries.

The potential acquisition comes amid an aggressive expansion drive by INOXGFL Group's clean energy arm, Inox Clean Energy. Recently, the company acquired renewable energy platform Vibrant Energy from Macquarie Group at an enterprise value of about ₹5,000 crore, strengthening its foothold in India's rapidly expanding clean energy market.

Last week, Inox Clean Energy acquired Boviet Solar in a deal valued at nearly $750 million, significantly expanding its presence in the US solar manufacturing sector.

In February, Inox Clean Energy acquired Wind World India's operational independent power producer portfolio of nearly 600 MW through its subsidiary Inox Neo. Separately, Inox Green Energy Services agreed to acquire Wind World India's wind operations and maintenance business, which manages close to 4.5 GW of assets, through a National Company Law Tribunal-approved resolution process.

"INOXGFL has added nearly ₹25,000 crore worth of assets over the last nine months as part of its acquisition-led expansion strategy," executive director Devansh Jain recently told ET, highlighting the group's ambition to secure a top-three position in India's renewable energy sector.

Vena Energy India is a subsidiary of Singapore-based Vena Energy, which has a global renewable energy development pipeline exceeding 39.2 GW. In 2017, a consortium led by GIP along with PSP Investments and CIC Capital acquired the wind and solar portfolio of Equis Funds Group - later rebranded as Vena Energy - for nearly $5 billion, making it one of the world's largest renewable energy transactions at the time.

In India, Vena Energy has developed a diversified renewable energy portfolio spanning Madhya Pradesh, Telangana, Maharashtra, Karnataka and Gujarat. Its key assets include the 108 MW Fatanpur Power wind farm and the 26 MW JMD Power wind project in Dewas, Madhya Pradesh. The company also operates a 100 MW solar project at Dholera Solar Park and the 176 MW Gudadur hybrid solar-wind project in Karnataka's Koppal district.

In 2022, GIP sold its 700 MW Vector Green Energy platform to Sembcorp Industries in a transaction valued at about $345 million.