Adar Poonawalla Family Office invests Rs 700 crore in Inox Clean
Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, has secured an investment of Rs 700 crore from the Adar Poonawalla Family Office through Rising Sun Holdings Pvt. Ltd. The investment values the company at Rs 70,000 crore and follows a series of strategic acquisitions completed over the past 10 months.
The latest funding comes after an earlier investment of approximately Rs 800 crore by California Public Employees’ Retirement System (CalPERS), along with participation from other investors.
According to the company, the fresh capital will strengthen its balance sheet and provide financial flexibility to support renewable energy projects, manufacturing capacity expansion, and future strategic acquisitions in India and overseas.
Expansion through acquisitions
Inox Clean has completed 10 strategic acquisitions over the last 10 months as part of its expansion strategy across renewable energy generation, solar manufacturing and related clean energy businesses.
The acquisitions include the manufacturing assets of US-based Boviet Solar for USD 750 million, Vena Energy’s Indian business from BlackRock-owned Global Infrastructure Partners (GIP), Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
According to the company, these acquisitions have expanded its operating portfolio, manufacturing capabilities and international presence.
Management statement
Devansh Jain, Executive Director of the INOXGFL Group, said the investment reflects investor confidence in the company’s growth strategy, execution capabilities and business model. He added that the company remains focused on expanding its integrated renewable energy platform through a combination of organic growth and strategic acquisitions.
Investor base
The company’s existing investors include CalPERS, RJ Corp, Authum Investments, Akash Bhansali, and several family offices and high-net-worth investors participating directly or through investment vehicles.
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