Inox Green Energy jumps on first acquisition of an O&M service provider

With this acquisition, Inox Green has entered the multi brand OEM wind turbine O&M business

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Newly listed Inox Green Energy Services gained over 10 percent on December 26 as the company announced its first acquisition in an independent operations and maintenance (O&M) wind service provider.

Without naming the company, Inox Green informed in an exchange filing that the wind service provider has a 230-MW-plus fleet that operates majorly in South India. “This acquisition is a part of the strategic decision taken by the company to grow its fleet through the inorganic route as well,” the company said.

At 10:45am, the stock was quoting at Rs 44.85 on the NSE, higher by 9.79 percent.

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With this acquisition, Inox Green has entered the multi-brand original equipment manufacturer (OEM) wind turbine O&M business. “We will be well positioned to serve customers by leveraging the synergies and efficiencies across the combined teams, supply chain capabilities and technical expertise,” Inox Green said.

The transaction is expected to conclude by end of January 2023.

Since its listing on November 23, the Inox Green Energy Services share price is down by 25 percent. It has listed at a 7 percent discount to the issue price of Rs 65 per share. The initial public offering (IPO) had seen a muted response from investors, with the overall offer being subscribed 1.55 times.

Also Read: Sell, sell and go away: Analysts on Inox Green Energy as stock slides on debut

During IPO, analysts had cited dependence on parent company Inox Wind for most O&M contracts as a major risk for the company.

It has also been trying to improve its balance sheet. It narrowed its net loss to Rs 5 crore in FY22 from Rs 27.7 crore in FY20. For the quarter ended June FY23, it posted a loss of Rs 11.6 crore on a revenue of Rs 61.8 crore.