December 26 (Renewables Now) – Indian wind power operations and maintenance (O&M) service provider Inox Green Energy Services Ltd (BOM:543667) on Monday unveiled its plan to take control of an unnamed sector player with a 230-MW-plus fleet.
Inox Green, which is a unit of wind turbine maker Inox Wind Ltd (BOM:539083) and part of the Inox GFL Group, has signed a term sheet for the acquisition of a majority stake in said business.
The target is engaged in the operation and maintenance of multi-brand wind turbines and provides comprehensive O&M services along with specialised corrective maintenance services. It operates in South India.
The planned transaction is part of Inox Green’s strategy to pursue inorganic growth because this route provides a larger opportunity for rapid expansion. The company pointed out that a big chunk of the operating fleet in India is currently being managed by the unorganised sector.
Subject to regulatory clearance, the acquisition is seen to close by the end of next month. No financial details were provided.
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