Inox Wind Ltd, an energy solutions provider that serves IPPs, utilities, PSUs, and corporate investors, is in the spotlight on Thursday morning after the Suzlon Energy Ltd peer announced that it would use the Rs 900 crore funds infused by its promoter Inox Wind Energy Limited (IWEL) to completely reduce its external term debt, achieving net debt-free status.
In a statement to the BSE, Inox Wind stated that promoter IWEL completed the Rs 900 crore capital injection today. IWEL raised the cash on May 28, 2024, by selling equity shares of Inox Wind in block trades on stock markets, according to the business, with numerous marquee investors participating.
According to CEO Kailash Tarachandani, "The journey has been amazing thus far." With the support of this funding injection, we can improve our balance sheet, accelerate our expansion, and become a net debt-free corporation. We anticipate significant future reductions in interest costs, which will increase our profitability.
With all the necessary foundations in place—including his company's execution capabilities, cutting-edge technology offers, financial stability, strong order book, and sizable order pipeline—Inox Wind is prepared to take on a significant growth trajectory, according to Tarachandani.
Inox Wind is a fully integrated operator in the wind energy industry. Its four production facilities are located in Gujarat, Himachal Pradesh, and Madhya Pradesh, and they produce hubs and nacelles, tubular towers, and blades. Inox Wind has an annual manufacturing capacity of around 2.5 GW with their MW series WTG offering.
With a portfolio of more than 3.2 GW, Inox Green Energy Services Ltd., a subsidiary of Inox Wind, is the sole listed provider of wind O&M services in India.
