After the firm signed an agreement to acquire a majority stake in an independent O&M wind service provider with over 230 megawatts (MW) fleet in South India, shares of Inox Green Energy Services soared at 10.43% to Rs 45. 

The acquisition is part of the company’s strategic decision to expand its fleet through inorganic routes. This presents a huge growth opportunity for the company, rapidly developing its business into a large part of the operating fleet in India.

In India, Inox Green Energy Services is the most significant wind power operations and maintenance (O&M) service, provider. It is a subsidiary of Inox Wind, with a synergistic relationship, and is part of the Inox GFL group of companies.

On November 23 2022, Inox Green Energy Services debuted on the bourses. The scrip was listed at Rs 60.50, at a discounted rate of 6.92% compared with the issue price of Rs 65.

On a consolidated basis, the company’s net loss was Rs 11.87 crore on September 22 compared to a net loss of Rs 11.58 crore posted on September 21. Total Income from operations hit a high 4.3% quarterly to Rs 65.87 crore on September 22.