Motilal Oswal Group is investing up to ₹1,500 crore in Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, by way of subscription to compulsory convertible debentures. The transaction saw two of India’s leading law firms — Trilegal and Khaitan & Co — advising opposing sides across a large cross-functional deal team. Of the total committed amount, ₹1,000 crore has already been deployed.
Introduction
Motilal Oswal Group has made a total investment commitment of ₹1,500 crore in Inox Clean Energy, the renewable energy platform of the INOXGFL Group, with the funds raised in the form of compulsory convertible debentures (CCDs) to be used for the company’s growth, especially for inorganic growth initiatives.
Trilegal advised Motilal Oswal Alternates and certain other entities in the MO Group on this transaction. Khaitan & Co separately advised Inox Clean Energy, its promoters, and affiliates on the structuring, drafting, negotiation, finalisation, and execution of definitive agreements in relation to the transaction.
Inox Clean Energy operates across the renewable independent power producer (IPP) business under its subsidiary Inox Neo Energies Limited and the solar manufacturing business under its subsidiary Inox Solar Limited.
Deal Value
Inox Clean Energy Limited received an investment commitment of approximately $157 million (₹1,500 crore) from the Motilal Oswal Group to fuel its expansion plans. Of the committed investment, the company has already secured ₹1,000 crore through compulsorily convertible debentures (CCDs), with the capital proceeds to be utilised towards Inox Clean’s growth trajectory, particularly fuelling inorganic growth initiatives.
Legal Teams Involved
Trilegal — Advising Motilal Oswal Alternates and Certain MO Group Entities
The transaction team was led by Kunal Chandra (Partner), Joseph Jimmy (Partner), Richa Choudhary (Partner), Swathy Pisharody (Partner), and Maitreya Rajurkar (Partner), and consisted of Tania Chourasia (Counsel), Kunal Ashok Paleja (Senior Associate), Gayathri Pillai (Senior Associate), Aditya Nandakumar (Senior Associate), and Yajat Bansal (Associate).
For due diligence, the team was led by Kunal Chandra, Richa Choudhary, Swathy Pisharody, Maitreya Rajurkar, and Gauri Chhabra (Partner), with support from:
- Gayathri Pillai, Kunal Ashok Paleja, Aditya Nandakumar, Manasvi Sharma (Senior Associate), Padmavathy Nehru (Senior Associate), Shivayana Balodia (Senior Associate)
- Associates: Saee Hingmire, Srishti Singh, Nipun Chandrakar, Adya Singh, Naman Shah, Yajat Bansal, and Shobhit Shukla
- Consultant: Anwesha Maitra
Khaitan & Co — Advising Inox Clean Energy, Its Promoters, and Affiliates
The transaction team was led by Madhur Kohli (Partner), Shreya Mukherjee (Partner), and Rahul Chakraborti (Partner), and included:
- Mansi Mishra (Senior Associate), Abheepsita Purkayastha (Associate), and Shaurya Ranjan (Associate)
Securities-law assistance was provided by Anshul Mordia (Senior Associate) and Sarjana Das (Senior Associate). Strategic inputs were provided by Sudhir Bassi (Executive Director), Niren Patel (Partner), and Kumar Saurabh Singh (Partner).
Significance and Impact
This transaction represents one of the larger structured private capital commitments into India’s renewable energy sector, with Motilal Oswal Group committing ₹1,500 crore into Inox Clean Energy’s platform, with an initial ₹1,000 crore tranche already completed.
The investment follows a ₹700 crore infusion from the Adar Poonawalla Family Office in Inox Clean, with other investors in Inox Clean and its subsidiaries including CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, and other family offices and HNI investors.
The transaction is notable for the scale and composition of the legal teams deployed — spanning transaction, due diligence, securities law, and strategic advisory functions across both Trilegal and Khaitan & Co simultaneously. The deal underscores the growing appetite for structured CCD-based capital in India’s clean energy segment and reflects the complexity of large cross-functional renewable energy mandates. For more deal coverage, see the Deal Meter.
The Motilal Oswal Inox Clean Energy investment, structured by way of subscription to compulsory convertible debentures, brought together sizable legal teams on both sides to execute one of the more consequential renewable energy private capital transactions of 2026. The funds will be used for the company’s growth, especially for inorganic growth initiatives. With Trilegal advising the investor group and Khaitan & Co advising the issuer and its promoters, the deal reflects the growing legal complexity inherent in large-scale Indian clean energy financing.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
