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The Group Executive Director of INOXGFL, Devansh Jain, on Tuesday committed an investment of nearly Rs 50,000 crores in the next two years in energy transition across multiple Indian states.
While speaking with ANI on the sidelines of the World Economic Forum in Davos, Jain said, "We are one of the largest energy transition players in India today and have invested close to USD 2 billion in the past year and committing an investment of nearly Rs 50,000 crores in the next 2 years across multiple states in terms of energy transition." "We are looking at very large capital expenditures in multiple states, including Madhya Pradesh, UP and Karnataka. A lot of our energy projects are being established in these states," he added. "We have just signed an MoU with Uttar Pradesh, where we are looking at investing about Rs 8,000 to 10,000 crore across solar projects. We will be announcing an MoU with Karnataka... We are looking at investing in Gujarat for investing about 1500 Mega Watts in the next 2 years, amounting to nearly Rs 12,000 crore... We are talking to other states as well..." he said. Talking about his experience at the WEF, he said, "What is most encouraging is that Indian pavilion is one of the largest pavilions in the promenade. Everyone we are meeting has a lot of enthusiasm and excitement around India, which has been there for a while under the leadership of our PM Modi..." "India stands out in this entire volatile geopolitical environment... We have one of the largest contingents of CMs and leaderships, from almost 10 states..." he said. Speaking about the group's Initial Public Offering (IPO), Jain said the company plans to refile the application very soon. "We've been expanding our global presence with recently entering the US and Africa. Recently, we've also raised over Rs 3,000 crore from global and Indian investors at a valuation of about Rs 50,000 crore. Yes, in the months to come, we would be refilling." The 56th Annual Meeting of the World Economic Forum (WEF) is being held from January 19 to 23, 2026, at Davos-Klosters, which is set to welcome nearly 3,000 participants from over 130 countries, including a record number of world leaders, CEOs, innovators and policymakers, under the theme "A Spirit of Dialogue." (ANI)
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