Inox Wind Limited (IWL) announced today that it has sold a stake worth approximately ₹175 crores in its EPC subsidiary, Inox Renewable Solutions Ltd. (formerly Resco Global Wind Services Pvt. Ltd.), to investors. The valuation of Inox Renewable Solutions is approximately ₹7,400 crores.
The valuation is post the merger of IRSL, following the scheme of demerger of the substation business from Inox Green, which recently received 'no objection' from the stock exchanges.
Inox Wind Limited (IWL) is a wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. IWL is a part of the US$ 12 BN INOXGFL Group. IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured. With its state-of-the-art 3 MW series WTG offering, IWL's manufacturing capacity stands at ~ 2.5 GW per annum.
IWL's subsidiary, Inox Green Energy Services Ltd., has a portfolio of > 5 GW.
Through its other subsidiary, Inox Renewable Solutions (earlier known as Resco Global Wind Services Pvt. Ltd.), IWL provides EPC services for wind projects and develops common infrastructure, including power evacuation infrastructure, for renewable projects.
IWL offers end-to-end wind energy solutions from concept to commissioning to O&M, manufacturing key components of WTGs, using the most advanced technology, in-house, to maintain high quality, reliability and cost competitiveness. IWL has ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834 certifications for its management systems pertaining to the manufacturing, installation, commissioning and O&M of wind turbines.
Inox Renewable Solutions Limited (formerly Resco Global Wind Services Pvt. Ltd.), a subsidiary of Inox Wind, offers end-to-end services for renewable projects right from conceptualization stage up to project commissioning, as well as the construction of transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis. IRSL provides its services across India with a very strong presence in Western India. It is developing common infrastructure on multi-gigawatt scale at sites across the country, to be utilized for future renewable projects.
Expanding offerings under EPC, the company has commenced its own crane services, transformer manufacturing and has unlocked new revenue streams through hybridization of its power evacuation assets, capitalising on the latest renewable energy policies of multiple states allow hybridization of existing as well as future transmission assets. Inox Wind's large and well diversified orderbook of ~ 3.1 GW, with a healthy order inflow pipeline, provides strong revenue visibility for IRSL.
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