Shares of Inox Green Energy Services Ltd were trading in the red and 3% lower on 30 April after the company announced its entry into the solar operations and maintenance (O&M) sector.

Inox Green Energy has signed an agreement to provide operation and maintenance services for 675 MWp of solar installations owned by a renowned Indian renewable energy firm. The projects are spread throughout several states and are located at the company’s numerous locations.

SK Mathusudhana, the CEO of Inox Green Energy, said, “With this, Inox has now forayed into solar O&M which offers large-scale growth opportunities for us in one of the fastest expanding industries.”

Inox Clean Energy, a subsidiary of the INOXGFL Group, was rumoured to submit a draft red herring prospectus (DRHP) to SEBI in the upcoming weeks for its Rs 5,000-crore initial public offering (IPO) through the secret method earlier this month.

INOX Clean Energy will become the $12 billion group’s fifth publicly traded entity.

INOX Clean Energy is a renewable energy platform that combines solar manufacturing, including cells and modules, with an Independent Power Producer (IPP) platform.

Currently, four companies of the INOXGFL Group are listed on the exchanges: Inox Wind Ltd, a major wind turbine manufacturer in India; Inox Wind Energy Ltd, the holding company that is presently merging with Inox Wind Ltd; Gujarat Fluorochemicals Ltd, the flagship chemical company creating products for battery materials; and Inox Green, the listed O&M company of the renewable arm.

At 1:28 pm, the shares of Inox Green Energy were trading 2.33% lower at Rs 139.43 on NSE.

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