Inox Wind Board Gives Go-Ahead to Raise Up To Rs 800 Crores

Noida-based wind energy solution provider, Inox Wind announced recently that the Board has given the company permission to finance up to Rs 800 crore through the private placement of non-convertible preference shares to promoters. The official news release states that the money raised would go toward paying off the debt.

According to Devansh Jain, executive director of Inox GFL group, “With the government setting a target of 50% electric power installed capacity from non-fossil fuel-based energy resources by 2030, and the rising demand across end-user verticals, the promoters want to strengthen their position in the wind energy segment and have therefore decided to infuse capital in the firm.”

The money collected by the issuance will be put to many different uses, including paying down the debt. Inox Wind is a provider of wind energy solutions for utilities, PSUs, corporate investors, and independent power producers. Three cutting-edge manufacturing facilities owned by the business are located in Gujarat, Himachal Pradesh, and Madhya Pradesh.

A 200 MW wind power project was recently ordered by Inox Wind from NTPC Renewable Energy Limited in August 2022. By January 2024, the project should be operational after being finished on a turnkey basis at the Dayapar site in Gujarat’s Kutch area.

“Inox Wind is on the verge of a turnaround, which is supported by specific government incentives, expanding demand from many industries nationwide, and growing international awareness of the need to achieve carbon neutrality. Inox has taken substantial initiatives to strengthen its position in the sector to leverage its position in the dynamic energy market. The company recently received 350 MW in orders from NTPC, the highest order recently submitted by a PSU, which has sparked its expansion. The promoters’ injection of capital will give the company a much-needed boost and give it the drive for growth,” Inox Wind Ltd. CEO Kailash Tarachandani made this statement.

The terms of the fresh issuance of debt were not disclosed.