Inox Wind, a wind energy solutions provider, announced on Monday that it has inked a deal with a consortium led by ICICI Bank to secure a Rs 2,200 crore financing facility.
According to the working capital evaluation conducted by the leading bank (ICICI Bank), this ceiling is expected to be increased even further to Rs 2,400 crore, Inox Wind Limited (IWL) said in a statement.
The consortium deal was made with a group of banks led by ICICI Bank for Rs 2,200 crore. According to the statement, the constraints are mostly non-fund-based (bank guarantees and letter of credit). The restrictions have been approved based on the financial health of IWL's balance sheet, with no corporate guarantees or other backing from Gujarat Fluorochemicals Ltd (GFL).
With this agreement in place, any earlier corporate guarantee or other similar support granted to IWL by GFL is vacated/will be vacated in the near future, it stated.
"The consortium structure demonstrates the banking community's trust in IWL's financial health. This is the result of several quarters of work, and it is supported by the company's solid operational performance and a positive outlook," stated Akhil Jindal, Group CFO, INOXGFL Group.
