Adar Poonawalla Family Office, through Rising Sun Holdings Pvt. Ltd., has invested ₹700 crore in Inox Clean Energy Ltd, the integrated renewable energy platform of the INOXGFL Group, as the company gears up for its next phase of expansion across renewable power generation and solar manufacturing.
Rising Sun Holdings will acquire a one per cent stake in Inox Clean through the investment, according to sources. Following the transaction, the promoter group will continue to hold more than 90% of the company. Sources added that the promoters have diluted about 7 per cent of their stake in Inox Clean so far this year. In January 2026, the company had raised ₹3,100 crore by diluting around 6 per cent stake in the business.
The investment values Inox Clean at ₹70,000 crore. The fresh capital will be used to strengthen its balance sheet and provide financial flexibility to pursue new renewable energy projects, expand manufacturing capacity and evaluate strategic acquisition opportunities in India and overseas.
The latest capital infusion follows a period of rapid expansion for Inox Clean. “We are delighted to welcome Adar Poonawalla Family Office as an investor in Inox Clean. This investment is a strong endorsement of our vision, execution capabilities and long-term growth strategy,” Devansh Jain, Executive Director, INOXGFL Group, stated in an official release.
“Over the past year, we have built tremendous momentum by successfully executing our growth roadmap through a combination of organic expansion and strategic acquisitions. Having completed ten acquisitions in the last ten months, we have significantly strengthened our integrated renewable energy platform and created a robust foundation for sustained long-term value creation,” Jain added.
The investment further expands Inox Clean’s roster of marquee investors, which includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali and several other family offices and high-net-worth investors participating either directly or through their investment vehicles.
Over the last 10 months, the company has completed 10 strategic acquisitions, significantly strengthening its presence across independent power production (IPP), solar manufacturing and related clean energy businesses. The acquisitions include US-based Boviet Solar’s manufacturing assets for $750 million, BlackRock-owned Global Infrastructure Partners’ (GIP) Indian renewable energy platform Vena Energy, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business. The company said the acquisitions have substantially expanded its operating portfolio, manufacturing capabilities and global footprint.
Inox Clean operates its renewable energy IPP business through subsidiary Inox Neo and its solar manufacturing business through Inox Solar Ltd. The company is targeting 15 GW of installed renewable energy IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28 through a combination of greenfield expansion and acquisitions, with operations spanning India, the US and Africa.