In a significant move, Inox Green Energy Services, a subsidiary of Inox Wind, has revealed its plans to divest a 100% stake in Nani Virani Wind Energy Private Ltd, located in the vibrant state of Gujarat, known for its robust Gujarat Wind Farm. This announcement was made in a recent regulatory filing.
According to the official statement from Inox Wind Limited (IWL), the parent company of Inox Green Energy Services (IGESL), a term sheet has been inked to facilitate this strategic divestment. The transaction will be executed once it secures the necessary regulatory and banking approvals, including those from the board and shareholders.
Kailash Tarachandani, the CEO of Inox Wind, expressed his optimism about the impending transaction, stating, “This transaction has significant beneficial impact on both Inox Wind and IGESL. While IGESL achieves its target to become net debt-free, Inox Wind’s balance sheet will deleverage substantially, reinforcing the company’s financial strength. We remain focused and committed to strengthening Inox Wind’s performance on all fronts and improving our profitability as we proceed on our exciting journey ahead.”
Inox Wind Limited (IWL) is renowned as India’s leading wind energy solutions provider, catering to independent power producers, utilities, public sector units, and corporate investors. With this strategic divestment, both Inox Wind and Inox Green Energy Services are poised to embark on a transformative journey, benefiting from enhanced financial stability and growth prospects.
About Inox Wind:
INOX Wind Limited, headquartered in Noida, India, is a prominent Indian wind energy service provider and a subsidiary of the INOX Group. Specializing in the manufacturing of Wind Turbine Generators (WTGs), INOX Wind Limited offers a comprehensive range of services, including wind resource assessment, site acquisition, infrastructural development, erection and commissioning, as well as long-term operations and maintenance for wind power projects. Notably, the company achieved the 167th position in Business Today’s 2015 ranking of the 500 most valuable companies in India.
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