Inox Wind Ltd., a leading wind energy solutions provider, is set to become a net debt-free company after receiving a ₹900 crore infusion from its promoter, Inox Wind Energy Ltd (IWEL).
In a statement, Inox Wind announced the completion of the ₹900 crore investment on Thursday. This strategic move will significantly strengthen the company’s financial position and accelerate its growth trajectory.
“This fund infusion will help us become a net debt-free company, strengthening our balance sheet and helping us accelerate our growth,” said Kailash Tarachandani, CEO of Inox Wind. “We expect substantial savings in interest expenses going ahead, aiding our profitability further.”
The ₹900 crore was raised by IWEL on May 28, 2024, through the sale of equity shares in Inox Wind via block deals on stock exchanges. These deals attracted participation from several prominent investors.
The funds will be used by Inox Wind to eliminate its external term debt, achieving a net debt-free status. It’s important to note that “net debt-free” excludes promoter debt, according to the company.
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