Inox Clean Energy Ltd, a subsidiary of INOXGFL Group, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).
According to the company's statement, the total offering will amount to 10,000 crore rupees. This will consist of a fresh issue of up to 8,000 crore rupees and a sale of shares worth up to 2,000 crore rupees from a selling shareholder.
The promoters of the company are Devansh Jain and Avarna Jain. The company stated that the funds raised from the fresh issue will be used for the partial or full repayment of certain outstanding loans taken by the company and its subsidiaries (direct and indirect), as well as for general corporate purposes.
Inox Clean Energy operates as an integrated renewable energy platform with two main business verticals. One is the generation of renewable electricity, which is carried out as an Independent Power Producer (IPP).
As of August 31, 2026, the company's aggregate portfolio of renewable IPP capacity stood at 9.29 gigawatts (GW) across India and Africa. Of this volume, 2.37 GW was operational, 0.80 GW was under construction, 2.99 GW represented potential under development, and 3.13 GW was future potential.
Furthermore, the company is involved in solar equipment manufacturing, possessing an operational solar module manufacturing capacity of 6 GW in India and the United States. The IPP business encompasses the development, acquisition, ownership, and operation of renewable energy assets, while the solar energy manufacturing business covers the production of modules for the renewable energy market with backward integration into solar cell production.
INOXGFL Group is present in the chemical and renewable energy sectors and operates through three public entities in India: Gujarat Fluorochemicals Ltd, Inox Wind Ltd, and Inox Green Energy Services Ltd.
