Inox Wind Clears Debts with ₹900 Crore Capital Infusion

Inox Wind shares soared over 13% on July 4 after the company announced a ₹900-crore capital infusion from its promoter, Inox Wind Energy Limited (IWEL). This funding was secured through the sale of equity shares of IWL, a key player in India's wind energy sector, in block deals on stock exchanges, attracting interest from several high-profile investors.

At 11:28 am IST, shares of Inox Wind share price were at ₹158.80 apiece. So far this year, the stock has rallied over 23%, beating benchmark Nifty's returns of around 12% during this period.

The funds were raised through the sale of equity shares of Inox Wind in block deals on stock exchanges, attracting participation from several high-profile investors. In a regulatory filing, Inox Wind announced that IWEL finalized the capital infusion on July 4, marking a significant step towards achieving a debt-free status for IWL.

According to a filing with the Bombay Stock Exchange (BSE), IWEL finalized the capital infusion on July 4, marking a significant step towards achieving a debt-free status for IWL. The proceeds from this infusion will be used to retire the company's external term debt, thereby enhancing its financial position and accelerating its growth prospects.

CEO Kailash Tarachandani sounded upbeat on the company's future. "This fund infusion will bolster our balance sheet and position us as a net debt-free entity. We anticipate substantial reductions in interest expenses, which will bolster profitability moving forward." He emphasised Inox Wind's readiness for substantial growth, highlighting its robust order book, extensive manufacturing capabilities across Gujarat, Himachal Pradesh, and Madhya Pradesh, and advanced technological offerings.

Inox Wind is a fully integrated player in the wind energy market, operating four manufacturing plants located in Gujarat, Himachal Pradesh, and Madhya Pradesh. These facilities produce blades, tubular towers, hubs, and nacelles. With its MW series Wind Turbine Generators (WTG), Inox Wind's manufacturing capacity is approximately 2.5 GW per annum.

Inox Wind operates four manufacturing facilities capable of producing blades, tubular towers, hubs, and nacelles, with an annual capacity of approximately 2.5 GW under its MW series WTG offering. Additionally, the company's subsidiary, Inox Green Energy Services Ltd, is India's only listed provider of wind operations and maintenance (O&M) services, managing a portfolio exceeding 3.2 GW.