INOXGFL Signs MoUs worth Rs 17,000 Cr with 3 States to Fuel Solar Expansion

INOXGFL signs MoUs with Uttar Pradesh, Assam, and Kerala to invest Rs 17,000 crore in renewable energy.

INOXGFL Group, a leader in the global energy transition space, has signed three Memorandums of Understanding (MoUs) with the governments of Uttar Pradesh, Assam, and Kerala totaling Rs 17,000 crore to invest in the renewable energy sector. The memorandums of understanding were signed on Friday in Davos, Switzerland, during the World Economic Forum (WEF) session.

INOXGFL Group will set up solar power projects, cells and modules manufacturing plants as well as solar module testing laboratories in the three states, as per the MoUs. The extensive investment package has an initial agreement worth ₹10,500 crore with the Uttar Pradesh government. Further MoUs amounting to ₹6,500 crore were together secured with the states of Assam and Kerala.

These funding are used for the construction of solar cell and module manufacturing facilities, the establishment of specialist solar module testing laboratories, and the establishment of new solar power projects. The goal of this project is to improve the solar energy value chain's technological infrastructure and strengthen domestic manufacturing capabilities.

Noida-based INOXGFL Group's operations spread across diversified business segments that include wind and solar manufacturing, battery materials, renewable power generation, fluoropolymers, fluorochemicals, among others.

The Executive Director of INOXGFL Group, Devansh Jain said that India is emerging as a global leader in the renewable energy spectrum, and their group will continue to contribute to lead this journey. According to him these investments reflect their strong faith in India's long-term growth story, their commitment to strengthen domestic manufacturing, and their belief that scale, sustainability, and self-reliance must progress together as India builds a resilient and future-ready energy ecosystem.