Noida: Inox Wind Limited (IWL), India’s leading wind energy solutions provider, today announced the completion of infusion of ~ Rs 800 crore (before taxes and fees) into the company by its promoter Inox Wind Energy Limited (IWEL). “This strategic action marks another significant milestone in IWL’s journey towards financial sustainability and profitability,” said an official statement on Monday.
“On October 31, 2023, IWL’s promoter, IWEL, completed the successful fund raise of ~ Rs. 800 crore through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several marquee long-only foreign and domestic investors. The funds received will be utilised to repay IWL’s existing debt,” said the statement.
Kailash Tarachandani, the CEO of Inox Wind, remarked, “The recent round of fundraising by IWL’s promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company. The ongoing ramp up of our operations, technological upgrade to the globally established 3.3 MW WTGs and our strong financial position will help us embark on a robust growth journey, aided by the macro tailwinds.”
Inox Wind Limited (IWL) is a wind energy solutions provider, servicing IPPs, utilities, PSUs & corporate investors. IWL is a fully integrated player in the wind energy market with three 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 & nacelles are manufactured at the company’s facility at Una (Himachal Pradesh). It also has a facility for manufacturing hubs & nacelles at Bhuj, Gujarat. Inox Wind’s manufacturing capacity stands at 1,600 MW per annum. With its state-of-the-art 3 MW series WTG offering, IWL is embarking on an exciting journey of growth and profitability.