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NCLT Clears Inox Wind–IWEL Merger, Strengthening Wind Business and Reducing Debt

The National Company Law Tribunal (NCLT), Chandigarh bench, has approved the merger of Inox Wind Energy Ltd (IWEL) with Inox Wind Ltd (IWL), both part of the INOXGFL Group. As part of the merger, IWL will issue 632 equity shares for every 10 shares of IWEL. This transaction is expected to be completed within 1.5 months, pending regulatory approvals.

The merger will significantly reduce IWL’s liabilities by Rs2,050 crore, enhancing its balance sheet and streamlining operations. IWEL handles wind farm erection, procurement, and commissioning, while IWL manufactures wind turbine generators with a 1.5 GW annual capacity. The consolidation is expected to generate cost savings, eliminate redundancies, and optimize resource utilization, ultimately delivering better stakeholder value.

The INOXGFL Group aims to simplify its wind business by eliminating the holding company structure, thus enhancing operational and financial synergy. In May, IWEL had raised Rs900 crore through block deals involving IWL shares. In the fourth quarter of FY25, IWL reported a record quarterly profit of Rs190 crore, up 391% year-on-year.

Additionally, the group is diversifying into solar manufacturing via Inox Solar, aiming for a capacity of 5 GW in modules and 2.5 GW in cells by 2026 with an investment of Rs1,500 crore. This broader renewable push aligns with INOXGFL’s strategic growth in India’s clean energy sector.