“The INOXGFL Group is preparing to take INOX Clean Energy public, aiming to raise 10-15% from the public at a valuation of ₹
50,000 crore ($6 billion),” industry sources said.
Once completed, the IPO will be among one of the largest fundraising initiatives in the country’s private renewable energy sector.
The IPO is expected to hit the market in the third quarter of the 2025-26 financial year, sources said.Sources also said INOXGFL has appointed five leading investment banks to manage the issue.
An email query sent to INOXGFL Group remained unanswered.
INOX Clean Energy is an integrated renewable platform spanning solar manufacturing, including cells and modules, and an Independent Power Producer (IPP) platform.
The group aims to boost its position in India’s renewable energy market with the IPO.
As of now, a total of four companies of INOXGFL Group are listed on the exchanges namely — Gujarat Fluorochemicals Ltd, the flagship chemical company developing products for battery materials, Inox Wind Ltd, a leading manufacturer of wind turbines in India; Inox Wind Energy Ltd, the holding company currently undergoing a merger with Inox Wind Ltd; and Inox Green, the listed O&M company of the renewable arm.
