InoxGFL plans ₹50,000-cr expansion; Devansh Jain eyes creating one of world’s top green conglomerates

The InoxGFL Group is gearing up for one of its biggest expansion phases yet, with Executive Director Devansh Jain outlining plans to deploy close to ₹50,000 crore over the next two years to rapidly scale its renewable energy, solar manufacturing and battery chemicals businesses.

Speaking to CNBC-TV18, Jain said the group’s clean energy arm — across wind turbines, solar modules, EPC, O&M and IPP will be the core focus of this investment cycle. “Over the next two years, we would be looking at a capital

deployment of close to ₹50,000 crore… the bulk of the capex is going to go into Inox Clean,” he told CNBC-TV18.

Jain added that InoxGFL’s operations and maintenance arm Inox Green is set to become India’s largest green O&M company, expanding from 12.5 GW today to 17 GW in the near term, delivering ₹2,000 crore in annual profitability with zero capex. “We would over the next couple of months become India’s largest green O&M services company… at 12.5 GW moving to much larger numbers,” he said.

“There’s no divorce in this business — once you sign a 25-year agreement, you’re with us for 25 years.” he added.

From launching Inox Wind as a 23-year-old to steering it through one of the worst sector collapses in India’s renewable history, Jain said Inox Wind, which just three years ago was “virtually at zero,” has rebuilt its renewable portfolio into an integrated green energy platform now valued at between ₹1.6-1.7 lakh crore across listed and unlisted businesses. “In 2022, we were at zero or negative. Today we are at ₹1.6-1.7 lakh crore and moving towards ₹2 lakh crore,” he added.

Jain said the conglomerate’s renewable ecosystem — spanning wind turbines, solar manufacturing, O&M services, EPC and the generating arm — is now being built for global scale. “By 2030, we want to become amongst the largest green energy conglomerates not just in India, but possibly in the world,” he said.

A big part of that plan is the IPP business under Inox Clean. Jain said the group aims to become a 10 GW power producer, up from the publicly known 4 GW pipeline today. “That would be unprecedented,” he added. A big part of that plan is the IPP business under Inox Clean. Jain said the group aims to become a 10 GW power producer, up from the publicly known 4 GW pipeline today. “That would be unprecedented,” he added.

Explaining InoxGFL’s integrated model, Jain broke down how the group’s five major verticals interlock into a single end-to-end renewable ecosystem. “When you sell a wind turbine, someone needs to make it, someone needs to do the EPC, and someone needs to do operations and maintenance. Inox Wind supplies the turbine, Inox Green does O&M, and Inox Renewable Solutions handles EPC and land banking,” he said.

“If you’re doing the complex bit and the EPC is yours, customers say — why not do the solar piece too? That’s how we forward integrated.” Jain also highlighted the advantage of blending wind and solar for RTC (round-the-clock) power, calling hybridisation and battery storage “the next big frontier.”

The group plans a flurry of acquisitions across its IPP, O&M and solar platforms. “We’re acquiring companies at an unprecedented pace… acquire, absorb, stabilise into the ecosystem, move to the next.” Jain said. In the next one year, he added, the majority of his time will go into “acquisitions and building out scale.”

In a candid admission, Jain credited Gautam Adani for pushing him to expand aggressively into solar manufacturing. “When I met Gautam bhai, he told me: solar’s a huge opportunity — you’re late to the party. Had it not been for him, I don’t think I would have entered solar.” The group has since built one of India’s fastest-growing solar platforms in just six months.

Recalling the toughest fundraise of his career — Inox Green’s IPO — Jain said, “I camped in Bombay for four months to raise ₹700 crore. Today we can raise 1,000 crore in 10 days, maybe a week.” Despite only a 1.1x subscription, Jain said the stock has risen sevenfold. “Inox Green was listed at ₹1,300 crore. Today it’s about ₹9,500 crore.”

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