Inox Wind Limited (IWL), a leading provider of wind energy solutions in India, has announced the successful infusion of approximately Rs. 900 crores by its promoter, Inox Wind Energy Limited (IWEL).
IWEL raised these funds through the sale of equity shares of IWL via block deals on stock exchanges on May 28, 2024, attracting participation from prominent investors. These funds will enable IWL to fully retire its external term debt, achieving a net debt-free status.
Mr. Kailash Tarachandani, CEO of Inox Wind, expressed his satisfaction, stating, “This milestone marks a significant achievement for us. The infusion of funds will not only make us a debt-free company but also strengthen our financial position, paving the way for accelerated growth. We anticipate considerable savings in interest expenses, which will enhance our profitability. With our strong execution capabilities, cutting-edge technology offerings, robust order book, and extensive pipeline of orders, we are well-positioned for substantial growth ahead.”