Noida(India), 17/08/23: Inox Wind Ltd (IWL), a developer of wind energy solutions, announced a Rs 500 crore injection from its founder and promoter group firms. The funds were raised through the sale of equity shares in Inox Wind by its promoter and promoter group firms in block sales on the stock exchanges.
The proceeds will be used to repay the company’s existing debt. Furthermore, Inox Wind stated in a filing that this decision represents a critical milestone in the company’s drive towards financial stability. It stated that this is an important step towards becoming debt-free.
Kailash Tarachandani, CEO of Inox Wind stated, “The recent fundraising initiative led by IWL’s promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours. The unwavering commitment, which our long-term investors have shown in IWL, stands as a testament to their trust and confidence in the company.”
Inox Wind is part of the $5-billion INOXGFL Group that focuses mostly on chemicals and renewable energy. Inox Wind is a wind energy provider that supports IPPs, utilities, corporate and PSU investors.
The company operates four cutting-edge manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh. The Gujarat facility, near Ahmedabad, and the Madhya Pradesh plant, near Barwani, both produce blades and tubular towers. The Una facility in Himachal Pradesh and the Bhuj plant in Gujarat both produce hubs and nacelles.
Inox Wind has a manufacturing capability of 1,600 MW per year.
The company’s shares closed at ₹198.45 on BSE, down 1.34 per cent, on Wednesday.
