Inox Wind Sells its Subsidiary Sri Pavan Energy to KPR Infra & Projects Limited

Inox had 51,000 equity shares of ₹10 each in Sri Pavan Energy

May 26, 2020

/ Wind

Inox Wind, a wind energy solutions provider, has announced that its subsidiary, Inox Wind Infrastructure Services (IWISL), has sold its 51% shareholding in Sri Pavan Energy Private Limited (SPEPL).

With this development, Sri Pavan Energy will no longer be the subsidiary of Inox.

According to the company’s filing with the Bombay Stock Exchange (BSE), Inox sold its entire 51% shareholding, comprising of 51,000 equity shares of ₹10 (~$0.13) each, held in Sri Pavan Energy to Telangana-based Sri KPR Infra & Projects Ltd, which already held 49% shareholding in Sri Pavan Energy.

The financials of the company also show that Sri KPR Infra has provided ₹230.3 million ($3 million) in unsecured interest-free loans to Sri Pavan Energy.

Sri Pavan Energy Private Limited was incorporated into Inox Wind Infrastructure Services on April 9, 2018, with a paid-up capital of ₹1 million (~$13,229). The company was proposed to engage in the business of generation and sale of wind energy.

“As on the last audited balance sheet on March 31, 2019, the Sri Pavan Energy had not commenced its commercial operations,” the BSE filing added.

Inox Wind is a subsidiary of Gujarat Fluorochemicals Limited, and its ultimate holding company is Inox Leasing and Finance Limited.

In December 2019, Inox Wind signed an EPC (engineering, procurement, and construction) agreement with Continuum Power Trading Private Limited, a part of the Continuum Wind Energy group. The agreement was to supply, erect, and commission 250 MW of wind power projects in Gujarat. According to the company’s previous BSE filing, the projects were divided into two phases of 126 MW and 124 MW.

Inox Wind has also sealed a new deal for the sale of power from a 50 MW wind power project of the Solar Energy Corporation of India (SECI). The project is located at Dayapur in the Kutch region of Gujarat. According to its BSE filing, the strategic investor in the project is Adani Green Energy.

Meanwhile, in a similar development last month, Tata Power announced that its wholly-owned subsidiary Khopoli completed the sale of the company’s entire stake in Cennergi Private Limited to Exxaro Resources Limited for ZAR 1,550 million (~$84.25 million). Cennergi has two wind farms in South Africa, namely, Amakhala Emoyeni (14.4 MW with 95% shareholding) and Tsitsikamma Community Wind Farm (95.3 MW with 75% shareholding).

Image credit: Zeynel Cebeci / CC BY-SA