Adar Poonawalla Family Office invests Rs 700 crore in Inox Clean

Adar Poonawalla’s family office, Rising Sun Holdings, has invested ₹700 crore to acquire a 1% stake in Inox Clean Energy, the renewable energy division of the INOXGFL Group. This investment values Inox Clean Energy at ₹70,000 crore.

The promoters of the company continue to hold more than 90% ownership. Inox Clean Energy is planning to launch an initial public offering (IPO) during the current fiscal year.

Previous Investments and Stakeholders

This recent funding round follows prior investments from notable institutional backers, including CalPERS (California Public Employees’ Retirement System) and Authum Investments.

Additionally, investor Akash Bhansali contributed nearly ₹800 crore in earlier rounds, securing approximately a 6% stake in the company.

Recent Acquisitions Strengthen Portfolio

In the past ten months, Inox Clean Energy has completed ten acquisitions across various clean energy sectors, including independent power production and solar manufacturing.

Significant acquisitions include:

  • The manufacturing assets of US-based Boviet Solar for $750 million
  • Indian assets of Vena Energy, owned by BlackRock’s GIP
  • Macquarie-backed Vibrant Energy
  • SunSource Energy’s Indian operations
  • SkyPower and its African business, supported by CalPERS

Devansh Jain, executive director of the INOXGFL Group, commented, “Completing ten acquisitions over the last ten months has considerably bolstered our integrated renewable energy platform, laying a strong foundation for long-term value creation.”

About Poonawalla Family Office

Reports indicate that the Poonawalla Family Office manages an estimated wealth of $15 billion.

Key Takeaways

  • Rising Sun Holdings acquired a 1% stake in Inox Clean Energy with a ₹700 crore investment.
  • Inox Clean Energy is valued at ₹70,000 crore and plans an IPO this fiscal year.
  • The company has executed ten acquisitions in the last ten months to expand its renewable energy portfolio.
  • Institutional investors including CalPERS and Authum Investments have previously backed the company.
  • The Poonawalla Family Office manages an estimated $15 billion in wealth.