INOXGFL Group emerged as the leading bidder for Vena Energy's 1.1-gigawatt Indian renewable energy portfolio. The deal values the platform at an enterprise value between ₹4,500 crore and ₹5,000 crore. This valuation represents approximately $540 million to $600 million.
Global Infrastructure Partners (GIP) currently holds the majority stake in Vena Energy's Indian operations. BlackRock recently acquired GIP, triggering a strategic shift for the renewable assets. INOXGFL reportedly outbid other interested parties, including Jindal Renewables and Sekura Energy.
The acquisition supports INOXGFL's aggressive expansion strategy within the clean energy sector. This transaction reflects ongoing consolidation in the Indian market as the country pursues ambitious renewable energy targets.