INOXGFL Group forays into solar cells and modules with Rs 1,500 crore capex over two years

The group has plans to invest Rs 26,500 crore over the three years across EV and Solar capacities, as well as in operations and maintenance.

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26 Aug, 2025 12:21

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The INOXGFL Group has announced foray into solar manufacturing through a rapidly growing group entity, lining up capex worth Rs 1,500 crore over next two years to reach an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing, according to a company filing on December 11.

Inox Solar, a privately held entity by the promoters, will launch its first solar module manufacturing unit with an initial capacity of 1.2 GW in Gujarat, and is expected to be operational by March next year.

The group also aims to provide turnkey EPC solutions, including land acquisition and power evacuation, through Inox Renewable Solutions, and offer operations and maintenance services through Inox Green Energy.

With the solar foray, the INOXGFL Group completes its interests across the entire renewable ecosystem, with presence across EV, energy storage, wind and solar. "This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem," Devansh Jain, Executive Director of INOXGFL Group said. The capex for solar modules and solar cell manufacturing will drive 'energy independence' for stakeholders, Jain added.

Inox Solar has strong synergies within the INOXGFL Group as it supplements Inox Wind in providing hybrid (wind + solar) renewable energy. The integration with Inox Renewable and Inox Green Energy for solar projects will drive large revenue opportunities in the renewable business, the company said. The group said it has a 'strong moat' of more than 5 GW of plug and play power evacuation infrastructure.

Shares of Inox Wind reacted with an initial spike following the announcement but later cooled off, and Inox Green too were off from earlier highs to trade with modest gains.

The group has plans to invest Rs 26,500 crore over the three years across EV and Solar capacities, as well as in operations and maintenance.