IGREL Renewables, a privately held renewable power generation platform of the INOXGFL Group, has successfully raised Rs 300 crore in equity capital from marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela through their respective entities. The capital raise will result in a single-digit equity dilution.
IGREL Renewables, backed by the INOXGFL Group, aims to become one of India’s leading pureplay commercial and industrial (C&I) renewable power platforms. The company has set a target to achieve an installed capacity of 2 GW by FY27, combining both wind and solar energy. This expansion will involve a cumulative capital expenditure of approximately Rs 12,000 crore over the next three years.
The company has already secured over 600 MW of capacity through power purchase agreements (PPAs) and letters of intent (LoIs) from Group companies and large C&I customers. Additionally, it has placed firm orders for 200 MW of wind capacity with Inox Wind, with plans to expand further.
Devansh Jain, Executive Director of INOXGFL Group, highlighted the strategic importance of IGREL in enhancing value for the entire Group. He noted that IGREL strengthens the Group’s position across the renewable energy value chain, from project development to power consumption, while maintaining debt-free listed companies. He also expressed gratitude to investors for their support, emphasizing the venture’s potential to generate significant value for stakeholders.
The INOXGFL Group, with a market capitalization of approximately $12 billion, is a diversified conglomerate with expertise in fluoropolymers, fluorochemicals, wind turbines, and renewable energy, positioning itself as a leader in the green ecosystem.
