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					</table><p>Inox Green Energy Services (<a href="https://inoxgreen.com/" target="_blank" rel="noopener">IGESL</a>), an Inox Wind subsidiary, has signed a term sheet to divest its 100% stake in Nani Virani Wind Energy, a special purpose vehicle operating a 50 MW wind farm in Gujarat, aiming to cut its debt and enhance profitability.</p>
<p>The divestment, amounting to ₹3 billion (~$36 million) that IGESL had borrowed to develop the Nani Virani wind project, is expected to help IGESL transition to an asset-light operation and maintenance business.</p>
<p>The transaction is contingent on securing regulatory and banking approvals.</p>
<p>Kailash Tarachandani, CEO of Inox Wind, while emphasizing mutual benefits for both companies, said, “We remain focused and committed to strengthening Inox Wind’s performance on all fronts and improving our profitability as we proceed on our exciting journey ahead.”IGESL’s subsidiary, I-Fox Windtechnik India, recently <a href="https://www.mercomindia.com/inox-green-energy-bags-om-wind-project-portfolio" target="_blank" rel="noopener">clinched</a> a five-year, ₹400 million (~$4.8 million) O&amp;M contract for NLC India&#8217;s 51 MW wind turbine generators in Tamil Nadu, marking a milestone on the company’s journey towards achieving a 6 GW wind turbine generator (WTG) operation and maintenance portfolio by financial year 2025-26.</p>
<p>Inox Wind, under the INOXGFL Group, focuses on renewable energy and chemicals. With projects in several Indian states, it has a renewable energy capacity of 1,600 MW. The company also has four WTG manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh.</p>
<p>The company continues its divestment efforts, signaling a shift towards future renewable energy investments, mainly in the renewable energy sector&#8217;s O&amp;M services.</p>
<p>In August,  Inox Wind’s financial strength was <a href="https://www.mercomindia.com/inox-wind-raises-%e2%82%b95-billion-through-share-sale-free" target="_blank" rel="noopener">reinforced</a> with a ₹5 billion ($60 million) investment from its main promoter and group entities, contributing to its debt reduction strategy, which already lowered liabilities by settling ₹1.61 billion ($19.56 million) and ₹2.5 billion ($30.37 million) in loans. This has reduced the company&#8217;s interest-bearing liabilities to over ₹11 billion ($132.7 million) in Q3 FY 2023.</p>


Inox Green to Divest its Full Stake in Nani Virani Wind Energy SPV


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					</table><p>Inox Green Energy Services (<a href="https://www.inoxgreen.com/" target="_blank" rel="noopener">IGESL</a>) has announced that its subsidiary, <a href="http://www.ifoxwind.com/" target="_blank" rel="noopener">I-Fox Windtechnik India</a>, has secured an operations &amp; maintenance (O&amp;M) contract for 51 MW wind turbine generators from <a href="https://www.nlcindia.in/new_website/index.htm" target="_blank" rel="noopener">NLC India</a>.</p>
<p>The contract encompasses a comprehensive suite of O&amp;M services for the wind power projects in Tamil Nadu, encompassing the power evacuation system, spanning five years.</p>
<p>Over this contract term, the estimated value is expected to be ₹400 million (~$4.8 million).</p>
<p>Last December, IGESL <a href="https://mercomindia.com/inox-green-acquires-wind-om-230-mw-portfolio/" target="_blank" rel="noopener">acquired</a> a 51% stake in Ifox Windtechnik, adding over 230 MW of O&amp;M business to its portfolio.</p>
<p>Inox Green, through acquisitions, aims to grow its business rapidly by bringing together small players, mainly from the unorganized sector, to provide the much-necessary boost to India’s wind energy market.</p>
<p>IGESL, the O&amp;M arm of the wind major <a href="https://inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a>, currently owns and operates a portfolio surpassing 3 GW. SK Mathu Sudhana, the CEO of IGESL, said, &#8220;LoA from one of the largest PSUs is an important milestone in the growth journey of IGESL as well as of our subsidiary IFox Wind. The order demonstrates the faith which our clients have in our services and endorses the capabilities which we have built over the years. We are progressing towards our goal of reaching a WTG O&amp;M portfolio of 6GW by FY26 through a mix of organic and inorganic growth.”</p>
<p>Recently, Inox Wind <a href="https://www.mercomindia.com/inox-wind-raises-%E2%82%B95-billion-through-share-sale-free" target="_blank" rel="noopener">announced</a> an investment of approximately ₹5 billion (~$60 million) from its main promoter and affiliated group entities. The capital infusion was realized through an equity share sale of the company by its promoter and associated group entities, facilitated through block deals.</p>
<p>In November 2022, Inox Wind and Inox Green Energy Services <a href="https://www.mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts" target="_blank" rel="noopener">repaid</a> debts of ₹1.61 billion (~$19.73 million) and ₹2.5 billion (~$30.63 million), respectively, as part of the strategic initiative to deleverage their balance sheets.</p>


Inox Green Energy Bags O&M Contract for NLC’s 51 MW Wind Project Portfolio


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					</table><p>Wind energy solutions provider <a href="https://inoxwind.com/inox-wind/" target="_blank" rel="noopener">Inox Wind</a> has announced an investment of approximately ₹5 billion (~$60 million) from its main promoter and affiliated group entities.</p>
<p>The capital infusion was realized through an equity share sale of the company by its promoter and associated group entities, facilitated through block deals.</p>
<p>The generated funds will be used to settle Inox Wind&#8217;s debts.</p>
<p>Kailash Tarachandani, the CEO of Inox Wind, stated, &#8220;The recent fundraising initiative led by Inox Wind&#8217;s promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavors. The unwavering commitment, which our long-term investors have shown in Inox Wind Limited, stands as a testament to their trust and confidence in the company.&#8221;</p>
<p>Inox Wind has four manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh.</p>
<p>In December 2022, the promoters <a href="https://mercomindia.com/promoters-infuse-%e2%82%b96-2-billion-to-help-cut-debt/" target="_blank" rel="noopener">infused</a> ₹6.2 billion (~$75.34 million) into the company, reducing debt in the wind business and the group company.</p>
<p>In August this year, the company approved a plan to secure up to ₹8 billion (~$97.2 million) through the issuance of non-convertible, non-cumulative, participating, redeemable preference shares, constituting 0.01%, in a private placement arrangement with the promoter&#8217;s group.</p>
<p>The company has disclosed that these funds were employed to settle the advances received from its parent company, Gujarat Fluorochemicals. This capital infusion was directed toward establishing additional wind power capacity.</p>
<p>Recently, Inox Wind, along with its subsidiary Inox Green Energy Services, <a href="https://www.mercomindia.com/inox-wind-inox-green-energy-repay-4-billion-debts" target="_blank" rel="noopener">settled</a> loans amounting to ₹1.61 billion ($19.56 million) and ₹2.5 billion ($30.37 million).</p>
<p>In its third quarter of FY 2023, the company <a href="https://www.mercomindia.com/inox-winds-net-loss-to-%e2%82%b92-8-billion" target="_blank" rel="noopener">stated</a> that other strategies the company used to reduce debts include a reduction in interest-bearing liabilities to over ₹11 billion (~$132.7 million), including ₹3.3 billion (~$39.8 million) in Inox Green Energy Services.</p>


Inox Wind Raises ₹5 Billion Through Share Sale, Aims to Turn Debt-Free

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