Inox Wind (IWL) has announced that the board of its subsidiary Resco Global Wind Services (Resco Global), an engineering, procurement, and construction (EPC) solutions provider, has approved a proposal to raise ₹3.5 billion (~$41.7 million by selling a single-digit equity stake to marquee investors.

The company will utilize the funds to scale up its business offerings and capitalize on large-scale opportunities in the Indian wind sector.

Resco offers end-to-end services for wind projects from the conceptualization stage up to project commissioning and the construction of transmission infrastructure.

The company is expanding its EPC offerings, venturing into crane services, and unlocking new revenue streams through hybridizing its power evacuation assets.

Kailash Tarachandani, Group CEO of Inox Wind, said, “Resco Global has a strong moat with large-scale plug-and-play project site infrastructure offerings for developers, which reduces turnkey execution timelines. Given India’s large renewable capacity targets, we believe there will be huge traction in demand for wind EPC projects over the next several years for Resco Global, which has strong credentials in developing large-scale wind projects.”

To achieve a debt-free status, Inox Wind raised around ₹8 billion (~ $96.93 million) last year by selling its equity shares. The transaction was executed via block deals on the stock exchanges, and several marquee domestic and foreign institutional investors witnessed participation.

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

Inox Wind reported a profit of ₹500 million (~$5.9 million) in the first quarter (Q1) of the financial year (FY) 2025, a turnaround from a loss of ₹650 million (~$7.7 million) in Q1 FY24.