INOXGFL Group plans to sell majority stake in C&I business; mandates EY for sale process
Mint that Inox Wind, a group company focused on wind energy solutions, plans to set up a C&I vertical to primarily cater to the group’s captive power demand, which is around 500-600 MW. Noida-headquartered INOXGFL Group is present in chemicals manufacturing and renewable energy businesses through Gujarat Fluorochemicals Ltd (GFL); GFCL EV Products Ltd; GFCL Solar & Green Hydrogen Products Ltd; Inox Wind Ltd; Inox Green Energy Services Ltd; and Inox Wind Energy Ltd. Inox Green Energy Services Ltd is one of the major wind power operations and maintenance (O&M) service providers in the country, servicing a 3.2 giga watt (GW) portfolio.
India’s C&I segment has been attracting strong investor interest of late, driven by rules that allow large power users to source energy from the open market rather than the costlier grid. C&I projects are also shielded from risks such as power procurement curtailment by state-run power distribution firms. Also, state electricity regulatory commissions (SERCs) have implemented time of day (ToD) tariffs—varying rates at different times of the day—for large C&I consumers, which has helped sustain investor interest and deal activity in the space as reported by Mint earlier.
Most recently, Serentica Renewables, promoted by Sterlite Power, has decided to sell a minority stake to raise around $300 million. Also, EverSource Capital-backed Radiance Renewables Pvt. Ltd has a formal mandate to Rothschild & Co.
for the sale of its C&I platform. In addition, there is significant interest to acquire Macquarie Asset Management’s Green Investment Group platform Vibrant Energy, which has a 1.5 GW portfolio in the C&I sector. “The reasons for the increased adoption of renewable generation by the industry is
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