From The Economic Times · Mohit Bhalla and Reghu Balakrishnan · · 1m 20s
Inox Clean Energy to buy Athena Renewables for Rs 2,500 crore
Privately held Inox Clean Energy is acquiring Athena Renewables from UK fund Actis in a major consolidation move ahead of its planned IPO.
In brief
Privately held Inox Clean Energy is acquiring Athena Renewables from UK fund Actis in a major consolidation move ahead of its planned IPO. Inox Clean Energy is scaling rapidly through acquisitions to reach 5 GW of operational capacity before going public. Originally reported by The Economic Times.
Inox to acquire Athena Renewables
Privately held Inox Clean Energy is buying Athena Renewables from UK-based fund Actis for an enterprise value of Rs 2,500 crore. Both sides have reached an in-principle agreement and the deal is nearing conclusion.
Competitive bidding process
Multiple contenders competed for Athena, including independent power producers and private equity firms. Inox ultimately won the auction.
Inox's dual business model
Inox Clean Energy operates in renewable power generation and solar equipment manufacturing. The company combines both businesses to create an integrated energy company.
Acquisition spree before IPO
Inox has been aggressively buying individual assets and companies to scale up quickly ahead of its planned initial public offering. This acquisition strategy aims to build a larger platform before going public.
Capacity expansion to 5 GW
The Athena acquisition will bring Inox's total operational renewable energy generation capacity to close to 5 GW. Its pipeline of projects under construction could be twice as large.
The headline
Inox Clean Energy is scaling rapidly through acquisitions to reach 5 GW of operational capacity before going public.
