Inox Clean Energy Limited

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company and/or certain of our Subsidiaries (direct and indirect)₹6.00k Cr
• General corporate purposes

Except as disclosed below, there are no outstanding criminal proceedings, actions taken by regulatory and statutory authorities, claims relating to direct and indirect taxes, or other pending litigations (including civil or arbitration proceedings) involving the Company, Promoters, Directors, Subsidiaries, Key Managerial Personnel, Senior Management, or Group Companies. Further, there are no disciplinary actions including penalty imposed by SEBI or stock exchanges against the Promoters in the last five financial years.

• Our ability to integrate recently acquired IPP and manufacturing platforms, manufacture products at anticipated scale, quality and cost levels, and obtain, maintain and renew regulatory approvals, certifications and incentive eligibilities remains unproven.(Integration and Operational Execution)

• Our operating history in solar and hybrid renewable power generation and IPP development is limited, substantially all assets in our current IPP portfolio other than wind assets in Gujarat were acquired or developed during Fiscal 2026 or thereafter.(Limited Operating History)

• Our operating history in large-scale solar manufacturing is particularly limited, and Phase 2 of our Bavla Facility has not yet established a sustained operating track record.(Manufacturing Execution)

• Prior to Fiscal 2026, all of our revenue was derived from wind power generation assets located in Gujarat, and our historical financial and operating performance may not be indicative of our prospects in newer businesses.(Business Model Concentration)

• The revenue contribution from certain acquisitions completed during Fiscal 2026 was recorded only from the respective completion dates and does not reflect the full-year financial performance of those businesses.(Financial Reporting)

• We are in the process of changing the name of the Vena Energy Group and the related portfolio, and neither Actis GreenGen Limited nor Wind World (India) Limited is a subsidiary of our Company as of the date of this Draft Red Herring Prospectus.(Corporate Restructuring)

• The Unaudited Proforma Consolidated Financial Information is presented for illustrative purposes only and may not be indicative of our future performance.(Financial Projections)

• While we are integrating the acquired IPP platforms, there can be no assurance that these platforms will be integrated in a timely manner, or at all, or will continue to perform in line with their pre-acquisition operating parameters.(Integration and Operational Execution)