The Hon’ble National Company Law Tribunal (NCLT), Chandigarh Bench, has approved the long-anticipated merger of Inox Wind Energy Ltd (IWEL) with Inox Wind Ltd (IWL), streamlining the wind energy business of the INOXGFL Group. The tribunal’s approval, issued on June 10, 2025, marks a significant step in enhancing operational and financial efficiencies for the group.
Post-merger, the wind business will operate under a unified entity — IWL — resulting in a substantial reduction of ₹2,050 crore in IWL’s liabilities, and a stronger, more robust merged balance sheet. The consolidation is expected to yield meaningful synergies through economies of scale, better resource utilisation, improved cost efficiency, and simplified compliance structures.
The merger also leads to streamlining of the group’s structure, with no holding company relationship remaining between the entities, and the INOXGFL Group ceasing to have a direct holding in IWL.
In terms of shareholder value, the company noted that the simplification and operational benefits are likely to enhance valuation. Shareholders of IWEL will receive 63 equity shares of IWL for every 10 shares held in IWEL, as per the exchange ratio approved. The record date will be determined shortly, and the share exchange process is expected to be completed within 1 to 1.5 months, subject to necessary regulatory approvals.
Mr. Devansh Jain, Executive Director of INOXGFL Group, termed the merger as a major milestone in the group’s energy transition journey, adding that it not only concludes a two-year process but also positions the consolidated wind energy business for better growth and stakeholder value.
