Noida: Inox Wind Limited (IWL) has announced on Thursday the infusion of ~ Rs 500 crore (before taxes and other charges) by its promoter and promoter group entities. This strategic move marks a significant milestone in IWL’s journey towards financial sustainability. The funds were raised by way of equity share sale of IWL by its promoter and promoter group entities through block deals on the stock exchanges. The funds will be utilised for the repayment of IWL’s existing debt and will be a step towards becoming net debt-free, said the company.
Commenting on the development, Kailash Tarachandani, the CEO of Inox Wind, said, “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 Limited (IWL) is one of India’s leading wind energy solutions provider servicing IPPs, utilities, PSUs and corporate investors. IWL has four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. The plant near Ahmedabad (Gujarat) and Barwani (Madhya Pradesh) manufactures blades and tubular towers, while hubs and nacelles are manufactured at the company’s facility at Una (Himachal Pradesh). It also has a facility for manufacturing hubs and nacelles at Bhuj, Gujarat. Inox Wind’s manufacturing capacity stands at 1,600 MW per annum.
