Inox Wind Ltd.’s wholly owned subsidiary, Vibhav Energy Pvt. Ltd., has completed the payment of Rs.550 crore towards the acquisition of the operations and maintenance business of Wind World (India) Ltd. The transaction is being undertaken through a Business Transfer Agreement under a resolution plan approved by the National Company Law Tribunal, Ahmedabad Bench.
The O&M business will be transferred to Vibhav Energy as a going concern after fulfilment of the remaining conditions under the agreement. The acquisition expands Inox Wind’s presence in the wind-energy services segment and adds an established operations and maintenance business to its portfolio.
The transaction is also relevant to the company’s strategy of strengthening its renewable-energy ecosystem beyond turbine manufacturing. The acquired business is expected to provide Inox Wind with additional exposure to the long-term servicing and maintenance requirements of wind assets.
