Inox Clean Energy Limited

Inox Clean Energy Limited was incorporated on November 20, 2017. The company is registered with the Registrar of Companies, Ahmedabad, and its registered office is at ABS Tower, Old Padra Road, Vadodara, Gujarat.

ICEL is positioned as an integrated energy platform, combining manufacturing with power generation — a model that's unique even within the INOXGFL Group.

The INOXGFL Group has a 90-plus year legacy across fluoropolymers, fluorochemicals, battery materials, wind and solar manufacturing, project development, and renewable power generation. Its three listed companies are Gujarat Fluorochemicals Limited, Inox Wind Limited, and Inox Green Energy Services Limited.

ICEL is the Group's latest major vertical, focused on developing energy projects and manufacturing solar cells and modules. This is carried out through its majority-owned subsidiary, Inox Neo Energies Private Limited, and its wholly owned subsidiary, Inox Solar Limited.

Pre-IPO investment access

ICEL has not yet listed on a stock exchange, so investor access currently comes through the [unlisted shares market][1]. Key points for those interested:

• Trading structure: With no NSE or BSE listing yet, ICEL shares trade through private dealer networks and platforms rather than a formal exchange.

• Pricing basis: The [current unlisted share price of ICEL][2] is generally derived from recent funding rounds — a ~₹50,000 crore valuation from the January 2026 CalPERS/SUN Group round, and a ~₹70,000 crore valuation from the July 2026 Adar Poonawalla investment. Dealer quotes typically track these figures, adjusted for demand and recent company news.

• For NCR-based buyers: Anyone sourcing brokers in Delhi NCR or an unlisted share dealer in Noida should evaluate the dealer's track record, settlement practices, and whether contract notes are issued, given the counterparty and liquidity risks unique to unlisted share deals.