The National Company Law Tribunal, Chandigarh bench, has approved the merger between Inox Wind Energy (IWEL) and Inox Wind (IWL), both INOXGFL Group companies.

The company announced the merger in a BSE listing.

As a result of the merger, 632 equity shares of face value of ₹10 (~$0.12) each of IWL will be allotted for every 10 equity shares of face value of ₹10 (~$0.12) each of IWEL. The shares are expected to be credited to shareholders of IWEL within one and a half months, subject to regulatory processes and clearances.

The merger will reduce IWL’s liabilities by ₹20.5 billion (~$239 million), strengthening the company’s balance sheet.

IWEL provides erection, procurement, and commissioning of wind farms, and IWL is a manufacturer of wind turbine generators with a manufacturing capacity of 1.5 GW.

INOXGFL said the companies are hoping that combining their operations will help them achieve cost savings through economies of scale, improved resource utilization, the elimination of redundant functions and operations, and streamlining of regulatory compliance.

The merger will also simplify and streamline the wind business vertical of the INOXGFL Group, with no holding company structure. The overall consolidation of businesses, financial, operational, and other synergies may result in enhancing value for various stakeholders of the companies, the listing said.

In May, IWEL raised ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind via block deals on the stock exchanges.

In the fourth quarter of the financial year 2025, IWL reported its highest-ever quarterly profit of ₹1.9 billion (~$22.2 million), a 391% increase from last year’s ₹390 million (~$4.5 million).

Last December, INOXGFL announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. Inox Solar aims to achieve an initial manufacturing capacity of 5 GW of solar modules and 2.5 GW of solar cells by 2026, with a capital expenditure of ₹15 billion (~$176.73 million).