Inox Wind promoters infuse Rs 623 crore for paring debt

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Inox Wind on Wednesday said its promoters have infused an amount of Rs 623 crore in the company and the fund was used for repaying advances received from Gujarat Fluorochemicals Ltd (GFL).

The board had on August 30, 2022 approved raising up to Rs 800 crore by way of issuance of 0.01 per cent non-convertible non-cumulative participating redeemable preference shares on private placement basis to the promoter/ promoter group entities. This was consequently approved in the company's annual general meeting (AGM).

"Promoters of Inox Wind, India's leading wind energy solutions provider, have infused Rs 623 Crores in Inox Wind Ltd," a company statement said.

Inox Wind has used these funds to repay GFL the advances (net off wind capacity expected to be commissioned) it had received for setting up wind power capacity, it added.

This is in line with the stated vision of the Inox GFL Group to achieve zero net debt across all operating entities, the statement said.

Kailash Tarachandani, CEO of Inox Wind, said, "The fund infusion of Rs 623 crores by promoters along with Rs 740 crores recently raised through the IPO (initial public offer) of Inox Wind's subsidiary Inox Green Energy Services Ltd, will help the company pare down its consolidated interest-bearing liabilities substantially and help improve the profitability of both the operating companies significantly." Inox Wind, a leading wind energy solutions provider, is part of the USD 6 billion Inox GFL Group which is primarily focused on two business verticals -- chemicals and renewable energy.