Inox Wind Raises ₹8 Billion by Selling Equity Shares to Pare Down Debt

The company has three wind turbine manufacturing facilities with a total capacity of 1,600 MW

November 2, 2023


Wind energy solutions company Inox Wind (IWEL) has raised around ₹8 billion (~ $96.93 million) by selling its equity shares, advancing towards achieving a debt-free status.

These funds will be used to settle IWEL’s external debt, in accordance with INOXGFL Group’s strategy to reduce Inox Wind’s debt and fortify the company’s financial position.

The transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee domestic and foreign institutional investors.

Devansh Jain, Executive Director of INOXGFL Group, said Inox Wind is prepared for the next phase of growth, driven by India’s renewable energy targets.

Inox Wind operates three wind turbine manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW. Initially a subsidiary of GFL Limited, it acquired the renewable energy business through a demerger and currently manages various wind energy sites in Tamil Nadu, Maharashtra, Kerala, and Rajasthan.

Inox Wind’s wholly-owned subsidiary, Inox Wind Infrastructure Services, handles full-cycle wind power project development, encompassing wind studies, energy assessments, land acquisition, site infrastructure, power evacuation, approvals, erection, commissioning, and long-term wind farm operation and maintenance.

Inox Energy recently announced its plans to divest full stake in 50 MW Nani Virani Wind Energy, Gujarat, for ₹3 billion (~$36 million), aligning with its goal to reduce debt, strengthen Inox Wind’s operations and maintenance (O&M) capabilities, and achieve a 6 GW wind turbine generator O&M portfolio by 2025-26.

In August, Inox Wind raised ₹5 billion (~$60 million) through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.