New Delhi, July 2 -- Adar Poonawalla Family Office has invested Rs 700 crore (around $73.3 million) in Inox Clean Energy Ltd, the renewable energy platform of the INOXGFL Group, at a valuation of Rs 70,000 crore, the company said Thursday.
The investment was routed through Rising Sun Holdings Pvt. Ltd, the family office's investment vehicle, Inox Clean Energy said.
The transaction comes after the company and its subsidiary Inox Solar Ltd secured Rs 3,100 crore in January from the California Public Employees' Retirement System (CalPERS), the largest US public pension fund, as well as SUN Group Global, Authum Investments, Akash Bhansali and other high-net-worth individuals.
Inox Clean Energy had said then that it raised the funding at a pre-money valuation of Rs 50,000 crore and that it would use the proceeds to meet its target of building 10 GW of capacity by fiscal year 2028.
The company said Thursday the fresh capital would strengthen its balance sheet and support its next phase of growth, with proceeds earmarked for expanding renewable power generation projects, scaling up manufacturing capacity and funding strategic acquisitions in India and overseas.
The company is also preparing for a public listing. It plans to file a draft red herring prospectus for an initial public offering this quarter and is looking to raise between Rs 6,000 crore and Rs 10,000 crore through the issue, according to media reports.
The company has completed 10 acquisitions over the past 10 months, expanding its footprint across renewable power generation, solar manufacturing and other clean energy businesses. These include the manufacturing assets of the US-based Boviet Solar for $750 million, the Indian assets of Global Infrastructure Partners-backed Vena Energy, Macquarie's Vibrant Energy, SunSource Energy's India business, and SkyPower, including its Africa operations.
"Over the past year, we have built tremendous momentum 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," said Devansh Jain, executive director at INOXGFL Group.
Inox Clean Energy operates through two verticals: independent power production under Inox Neo, and solar manufacturing under Inox Solar. The company is targeting 15 GW of installed renewable capacity and 11 GW of integrated solar manufacturing capacity by fiscal year 2028, through a mix of greenfield projects and acquisitions. It now has operations in the United States and Africa in addition to India.
Published by HT Digital Content Services with permission from VC Circle.