Inox Wind Energy (IWEL), the promoter of Inox Wind, has raised around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind via block deals on the stock exchanges. The funds raised are proposed to be infused into Inox Wind to reduce its debt and augment the company’s working capital needs to strengthen its balance sheet further.

The transaction witnessed participation from marquee institutional investors.

Inox Wind operates four wind turbine manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh, with a cumulative manufacturing capacity of 2.5 GW. Initially a subsidiary of GFL Limited, it acquired the renewable energy business through a demerger and currently manages various wind energy sites in Tamil Nadu, Maharashtra, Kerala, and Rajasthan.

Inox Wind’s wholly-owned subsidiary, Inox Wind Infrastructure Services, handles full-cycle wind power project development, encompassing wind studies, energy assessments, land acquisition, site infrastructure, power evacuation, approvals, erection, commissioning, and long-term wind farm operation and maintenance.

Last November, Inox Wind raised around ₹8 billion (~$96.93 million) by selling its equity shares, advancing toward a debt-free status. These funds were to settle IWEL’s external debt under INOXGFL Group’s strategy to reduce Inox Wind’s debt and fortify the company’s financial position. This transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee domestic and foreign institutional investors.

Inox Wind raised ₹5 billion (~$60 million) in August 2023 through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.

Inox Energy has announced its plans to divest its full stake in 50 MW Nani Virani Wind Energy, Gujarat, for ₹3 billion (~$36 million), aligning with its goal to reduce debt, strengthen Inox Wind’s operations and maintenance (O&M) capabilities, and achieve a 6 GW wind turbine generator O&M portfolio by 2025-26.