Adar Poonawalla Family Office, through Rising Sun Holdings Pvt. Ltd., has invested ₹700 crore in Inox Clean Energy Ltd. The deal values the INOXGFL Group's integrated renewable energy platform at ₹70,000 crore.
The California Public Employees' Retirement System, the largest U.S. public pension fund, had invested roughly ₹800 crore in earlier rounds. The Poonawalla family office joins a roster that includes RJ Corp, Authum Investments, Akash Bhansali and several other family offices and high-net-worth investors.
“We are delighted to welcome Adar Poonawalla Family Office as an investor in Inox Clean. This investment is a strong endorsement of our vision, execution capabilities and long-term growth strategy,” Devansh Jain, Executive Director of INOXGFL Group, said in a statement.
Inox Clean has closed 10 strategic acquisitions over the past 10 months. The deals include Boviet Solar’s U.S. manufacturing assets for $750 million, Vena Energy from BlackRock’s Global Infrastructure Partners, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower including its Africa business. The company said the acquisitions have widened its operating portfolio, manufacturing capacity and geographic reach.
The fresh capital will strengthen Inox Clean’s balance sheet and fund new renewable projects, manufacturing expansion and further acquisitions in India and overseas. The company operates its independent power production business through subsidiary Inox Neo and its solar manufacturing arm through Inox Solar Ltd.
Inox Clean is targeting 15 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by financial year 2028. The plan combines greenfield development and acquisitions, spanning India, the United States and Africa.
The ₹700 crore commitment from the Poonawalla family office adds to a string of large capital flows into Indian renewable energy. The country's 500 GW renewable capacity target by 2030, together with falling solar panel costs and policy support, has attracted both global pension funds and domestic family offices. Inox Clean’s rapid acquisition strategy positions it to capture a larger share of that buildout. The company’s release noted that the capital provides financial flexibility to pursue strategic opportunities, though the pace of dealmaking also means integrating assets across multiple jurisdictions and technologies.
