INOXGFL Group To Invest Rs 26,500 Crore Across Companies Over Next Three Years

The strategic investments are expected to drive growth, expansion, and consolidation across the group's various subsidiaries.

The investment plan includes Rs 18,000 crore in IGREL Renewables, the group's private independent power producers arm, where the company is setting up 3GW of wind and solar projects, Devansh Jain, executive director of INOXGFL, told NDTV Profit in an interview.

Another Rs 6,000 crore is planned for the EV battery chemicals business that the company plans to start in FY26, Jain said.

The company is setting up the largest battery chemical complex outside China in Gujarat. These chemicals constitute around 60% of the EV battery weight and have a global market potential of $40 billion.

The strategic investments are expected to drive growth, expansion, and consolidation across the group's various subsidiaries.

The investment plan includes Rs 18,000 crore in IGREL Renewables, the group's private independent power producers arm, where the company is setting up 3GW of wind and solar projects, Devansh Jain, executive director of INOXGFL, told NDTV Profit in an interview.

Another Rs 6,000 crore is planned for the EV battery chemicals business that the company plans to start in FY26, Jain said.

The company is setting up the largest battery chemical complex outside China in Gujarat. These chemicals constitute around 60% of the EV battery weight and have a global market potential of $40 billion.

The group is also setting up a new solar panel and cells manufacturing plant at an investment of Rs 1,500 crore. The plant will start with a 600-1200 MW capacity in March 2025, whereby the capacities would be increased to 2.4 GW over the next 12 months for the panels, and after next 12 months for cells, Jain said.

The group is also on the look out for potential companies in the operations and maintenance space for its O&M arm Inox Green Ltd. and RESCO, which would require close to Rs 1,000 crore, he said.

INOXGFL Group's is diversifying into solar panel and cells manufacturing business with a 5 GW solar panel and cell manufacturing capacity under works in Gujarat. The plant is expected to start operations in March 2025 with an initial capacity of 600–1200 MW, reaching to 2.4 GW in one year. The solar cells capacity will be taken to 2.4 GW a year later, Jain said.

The group's wind business, INOX Wind Ltd., has an order book of 3.2 GW with a revenue visibility for two years. This is the largest-ever order book from across PSUs and large IPPs, Jain said.

Going ahead the company is in advanced discussions with a lot of large commercial and industrial players and independent power producers, as well as participating in various PSU tenders, Jain said.

"We have guided for 1,200 MW next year and 2 GW thereafter, that's 3.2 GW. My current order book is sold out for the next two years," Jain added.

To meet the growing requirement the company is also setting up an additional 800 MW Nacelle factory in Gujarat and is looking out for locations to set up two factories for blades on lease and rent model, he said.

In the EV battery chemicals manufacturing space, the group's subsidiary, GFCL EV Products, has raised Rs 1,000 crore at a valuation of $3 billion in October to fund its upcoming battery chemical complex.

"The plant will have a 25% margin and will be a large contributor to the group's profitability. We have certain agreements in place with some of the largest OEMs in the world. They are both battery manufacturers as well as automobile manufacturers. And we are in advanced negotiations for PPAs with virtually every OEM globally," Jain said.