Shares of Inox Wind Ltd, an energy solutions provider servicing IPPs, utilities, PSUs and corporate investors, are in focus on Thursday morning as the Suzlon Energy Ltd peer said it would utilised the Rs 900 crore funds infused by its promoter Inox Wind Energy Limited (IWEL) to completely pare down its external term debt, achieving a net debt free status.
In a filing to BSE, Inox Wind said promoter IWEL has completed the Rs 900 crore capital infusion today. The funds were raised by IWEL on May 28, 2024, through sale of equity shares of Inox Wind through block deals on the stock exchanges, the company said adding that the block deals saw participation of 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 help accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further."
Tarachandani said with all the building blocks in place, be it his company's execution capabilities, state-of-the-art technological offerings, financial strength, robust order book and a large order pipeline, Inox Wind are geared up 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, as well as hubs & nacelles are manufactured. With its MW series WTG offering, Inox Wind's manufacturing capacity stands at ~ 2.5 GW per annum.
Inox Wind's subsidiary, Inox Green Energy Services Ltd, is the only listed wind O&M services company in India, having a portfolio of over 3.2 GW.