INOXGFL Group plans to invest ₹1 trillion in renewable energy projects by 2030 through its green power arm Inox Clean Energy Ltd, said Devansh Jain, executive director of the group.
The investments will cover renewable energy, solar equipment manufacturing, and battery energy storage systems. The company, which has a solar module capacity of around 6 GW (including capacities in India and the US), aims to increase this to 11 GW over the next year.
Jain noted that InoxGFL is also scaling up its solar manufacturing ambitions through a mix of greenfield expansion and overseas acquisitions. Its investment plans also include expanding business in Africa, he said. The group’s annual revenue is around ₹6,600 crore.
“The target is to invest ₹1 trillion till 2030 with ₹25,000 crore of investment every year, focused on IPP (independent power producer), solar modules and BESS.” said Jain. Under its IPP platform, Inox Clean currently has a renewable energy platform of nearly 3 GW and aims to raise this to 10 GW over the next two years.
In December 2025, the company withdrew its ₹6,000-crore draft IPO papers and a ₹5,000 crore pre-IPO funding round, saying it planned to carry out a series of acquisitions before coming up with a fresh public offer.
Recently, Inox Clean acquired 3 GW module and 3 GW cell manufacturing capacity from Boviet Solar in the US in a $750-million deal. Among other recent acquisitions, the company took over Vibrant Energy from Macquarie Corporate Holdings Pty Limited and other shareholders with a total portfolio of 1,337 MW for an enterprise value of ₹5,000 crore.
Global expansion plans
Jain also said that INOXGFL Group is focusing on its global expansion strategy with aggressive investments in battery chemicals, solar manufacturing and overseas renewable assets, as the chemicals-to-renewable conglomerate looks to deepen its position in the global (EV) and energy transition supply chains.
It is also pursuing an Africa-focused renewable energy strategy through a joint venture platform targeting sovereign-backed and dollar-denominated power purchase agreements. “Africa is going to be a multi-billion-dollar play for us as we move forward,” Jain said, adding that the company has adopted a calibrated country-wise investment approach to limit risks while increasing capacity. The company recently formed a joint venture with multinational conglomerate RJ Corp to enter the African renewable energy market.
Inox also plans to invest about ₹6,000 crore in its battery chemicals business over the next three years. “We’re setting up the world’s largest battery chemical facility business outside of China,” he added. The investments are spread across India and Oman, where the group is setting up a large battery chemicals facility that is expected to begin operations next year.
Jain said the battery business is being built with a largely export-oriented strategy, targeting global EV and storage supply chains amid increasing geopolitical realignment. “The Chinese supply chain has been completely disrupted under the IRA and broader global developments,” he said, referring to the US’s Inflation Reduction Act. “We have very strong relationships now with some of the largest players globally.”
Initially, nearly 80% of output from India operations is expected to be exported, although that ratio may gradually shift as India’s domestic battery ecosystem matures. The group has already secured backing from international investors and sovereign-linked institutions for the battery business, including IFC and entities linked to Oman’s sovereign investment ecosystem.
Jain added that India remains favourably positioned in the global transition due to rising domestic demand and policy support, even as companies increasingly look outward for scale and market diversification. The government’s target of 500 GW of non-fossil capacity by 2030 has increased investor interest in the country’s energy transition. According to a report by Colliers, released on 20 May, solar and wind energy projects in India could attract $110-120 billion of investment by 2030, with about 10-12% of this for land aggregation and acquisition.
India’s renewable energy space has, however, faced issues over the past few years, including a lack of transmission capacity and a piling up of unsigned power purchase agreements due to slowing demand from discoms for power from standalone renewable projects.
Jain said, “Battery costs have fallen from around $150 per kilowatt-hour to nearly $70. Everybody now wants hybrid or round-the-clock renewable power. Just plain solar isn’t enough anymore.”