# 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.
- Title: Inox Clean Energy to buy Athena Renewables for Rs 2,500 crore
- Summary: 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…
- Keywords: inox clean energy, athena renewables, actis, renewable energy, acquisition, india, solar power, ipo, energy sector, private equity, Inox, Clean
- Source: The Economic Times — https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-set-to-buy-actis-owned-athena-renewables-share-price/articleshow/134379119.cms
- Author: Mohit Bhalla and Reghu Balakrishnan
- Published: 2026-09-21T03:35:00+00:00
- Read time: 1 min
- Topics: inox clean energy, athena renewables, actis, renewable energy, acquisition, india, solar power, ipo, energy sector, private equity
## 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.
## Key takeaway

Inox Clean Energy is scaling rapidly through acquisitions to reach 5 GW of operational capacity before going public.