Shares of Inox Wind, an energy solutions provider serving IPPs, utilities, PSUs and corporate investors, are in focus on Thursday morning as Suzlon Energy’s peer announced it would utilise the Rs 900 crore funds infused by its promoter, Inox Wind Energy (IWEL), to completely pare down its external term debt, achieving a net debt-free status.
In a filing to BSE, Inox Wind stated that promoter IWEL has completed the Rs 900 crore capital infusion today. The funds were raised by IWEL on 28 May 2024, through the sale of equity shares of Inox Wind via block deals on the stock exchanges. The company added that the block deals saw participation from several marquee investors.
CEO Kailash Tarachandani said, "It has been a remarkable journey so far. This fund infusion will help us become a net debt-free company, strengthening our balance sheet and accelerating our growth. We expect substantial savings in interest expenses going forward, further aiding our profitability."
Tarachandani mentioned that with all the building blocks in place, including the company’s execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, Inox Wind is prepared to embark on a substantial growth journey ahead.
Inox Wind is a fully integrated player in the wind energy market, with four manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where blades, tubular towers, hubs and nacelles are manufactured. With its MW series WTG offering, Inox Wind's manufacturing capacity stands at approximately 2.5 GW per annum.
Inox Wind's subsidiary, Inox Green Energy Services, is the only listed wind O&M services company in India, having a portfolio of over 3.2 GW.
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