Inox Wind Limited (IWL) said on Monday that it has completed the infusion of around ₹800 crore (before taxes and fees) into the company by its promoter Inox Wind Energy (IWEL).

This strategic action marks another significant milestone in IWL’s journey towards financial sustainability and profitability, the company said.

On October 31, 2023, IWL’s promoter, IWEL, completed the successful fundraising of around ₹800 crore through an equity share sale of IWL on the stock exchanges, facilitated via block deals, witnessing participation of several marquee long-only foreign and domestic investors, it added.

“The funds received will be utilized to repay IWL’s existing debt,” the company said.

IWL CEO Kailash Tarachandani said ,“The recent round of fundraising by IWL’s promoter and the subsequent capital infusion into IWL is another significant step towards our stated objective of becoming a net-debt free company. The ongoing ramp up of our operations, technological upgrade to the globally established 3.3 megawatt (MW) WTGs (Wind Turbine Generators) and our strong financial position will help us embark on a robust growth journey, aided by the macro tailwinds.”

Inox Wind (IWL) is a wind energy solutions provider servicing IPPs, Utilities, PSUs and Corporate investors. It is a fully integrated player in the wind energy market with three state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.

The Plant near Ahmedabad (Gujarat) and Barwani (Madhya Pradesh) manufactures Blades & Tubular Towers, while Hubs & Nacelles are manufactured at the company’s facility at Una (Himachal Pradesh).

It also has a facility for manufacturing Hubs & Nacelles at Bhuj, Gujarat. Inox Wind’s manufacturing capacity stands at 1,600 MW per annum.

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