Inox Wind promoters to infuse ₹800 crore through debt subscribing

Two groups of promoters- Inox Leasing & Finance and Inox Wind Energy will be infusing ₹600 and ₹200 crore, respectively, the statement added.

The company has issued non-convertible non-cumulative participating redeemable preference shares (NCPRPS) of the face value of 10 each in order to raise the funding. It constitutes 0.01% of the fully paid-up capital on a private placement basis to the promoters.

Executive Director of the company Devansh Jain assured that the company aims to become net debt zero in near future and the funds raised from the promoters will be used for repayment of high-cost existing debt.

The news comes almost a month after the company bagged a 150 MW wind power project order from National Thermal Power Corporation’s (NTPC) subsidiary NTPC Renewable Energy Limited. The wind power project will be commissioned in Gujarat.

“This amongst many more in the future will help NTPC achieve its target of having over 60 GW Renewable Energy capacity constituting nearly 50% of its overall power generation capacity by 2032. The Project will be executed on a turnkey basis at Dayapar site, Kutch District in the state of Gujarat and is scheduled to be commissioned by April 2023,” the company said in a press release.

The company serves independent power producers (IPP), utilities, public sector units, corporate investors, and three manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh.

With a total manufacturing capacity of 1600 MW per annum, Inox Wind has facilities for hubs and nacelles at Bhuj (Gujarat) and Una (Himachal). The Ahmadabad and Barwani plant of the company manufacture blades and tubular towers.

With Inputs from PTI.

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