Noida: Inox Clean Energy Limited ("Inox Clean"), the integrated renewable energy platform of the INOXGFL Group, today announced that Adar Poonawalla Family Office, through Rising Sun Holdings Pvt. Ltd., has invested ₹700 crore at a valuation of ₹70,000 crore, further reinforcing investor confidence in the Company's long-term growth strategy.
This follows an investment by CalPERS (California Public Employees' Retirement System, the largest pension fund in the US), which invested approximately ₹800 crore in previous rounds, along with several other investors.
The latest investment comes after the Company's rapid expansion through both organic growth and strategic acquisitions. Over the last ten months, Inox Clean has completed 10 strategic acquisitions, significantly strengthening its integrated renewable energy platform across independent power production (IPP), solar manufacturing, and related clean energy businesses. Some of the acquisitions include US-based Boviet Solar's manufacturing assets for USD 750 million, Vena Energy, the Indian asset of BlackRock-owned GIP, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
While these acquisitions have significantly expanded the Company's operating portfolio, manufacturing capabilities, and global footprint, the new capital will further strengthen the Company's balance sheet and provide additional financial flexibility to pursue its ambitious expansion plans, including new renewable energy projects, manufacturing capacity expansion, and strategic acquisition opportunities in India and overseas.
Commenting on the investment, Devansh Jain, Executive Director, INOXGFL Group, said, "We are delighted to welcome Adar Poonawalla Family Office as an investor in Inox Clean. This investment is a strong endorsement of our vision, execution capabilities, and long-term growth strategy. Over the past year, we have built tremendous momentum by successfully executing our growth roadmap through a combination of organic expansion and strategic acquisitions. Having completed ten acquisitions in the last ten months, we have significantly strengthened our integrated renewable energy platform and created a robust foundation for sustained long-term value creation."
Jain added, "This also reflects the confidence that leading investors have in Inox Clean's differentiated business model, disciplined capital allocation, and ability to consistently execute at scale. As India's energy transition gathers pace, we remain focused on building one of the country's most diversified and globally competitive clean energy platforms. We welcome Adar Poonawalla Family Office as a long-term partner in this journey and look forward to creating enduring value for all our stakeholders."
The investment further strengthens Inox Clean's position as one of India's fastest-growing and largest integrated renewable energy platforms and reflects continued investor confidence in the Company's growth trajectory, disciplined execution, and long-term strategy.
The current list of marquee investors in Inox Clean and its subsidiaries includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali, along with other family offices and HNI investors participating either directly or through their investment vehicles.
BI Bureau
