Inox Green Energy Services Limited

Inox Green Energy Services provides long-term operations and maintenance services for wind power projects in India. The company's core business is servicing wind turbine generators for wind farm owners and operators, covering technical upkeep, performance monitoring and asset management over the life of a wind energy project, rather than manufacturing or owning turbines itself. Incorporated in 2012 and operating as a subsidiary of Inox Wind Limited, part of the Inox GFL group, the company built up a servicing portfolio spanning wind assets located across eight Indian states, covering roughly 2,700 megawatts of installed capacity across more than 1,300 wind turbine generators as of mid-2022. It is headquartered out of Noida with its registered office in Vadodara, Gujarat, and employed close to 400 people around the time of its listing. Because its parent Inox Wind is one of India's established wind turbine manufacturers, the company's O&M pipeline is closely tied to Inox Wind's own turbine installations, giving it a built-in base of long-term service contracts as India's wind capacity additions continue. Its business model generates relatively steady, contracted service revenue rather than the more cyclical, capital-intensive economics of turbine manufacturing itself, positioning it as a specialised services play on the growth of India's wind energy sector.

The company raised approximately Rs 333 crore from anchor investors ahead of the issue opening, with participants including Volrado Ventures, Morgan Stanley, Nomura, Authum Investment, Saint Capital Fund, Citigroup, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Edelweiss and JM Financial, among others.