Inox Green Energy Services would sell its whole investment in Nani Virani Wind Energy Private Ltd. Gujarat's 50 megawatt Nani Virani wind farm is now in operation.
Inox Wind Limited (IWL), the parent company of Inox Green Energy Services (IGESL), announced in the filing that IGESL had executed a term sheet for the disposal of a 100% stake in Nani Virani Wind Energy Private Limited SPV. After receiving all required financial and regulatory approvals, including those from the board and shareholders, the transaction will be finalised.
Inox Wind and IGESL will both significantly benefit from this arrangement. Inox Wind's balance sheet will significantly deleverage while IGESL fulfils its goal of being net debt-free, enhancing the company's financial stability. As we go forward on our exciting adventure, we are committed to enhancing Inox Wind's performance on all fronts and raising our profitability, said Kailash Tarachandani, CEO of Inox Wind. IWL is India's top supplier of wind energy solutions, serving utilities, public sector organisations, private investors, and independent power producers.
The acquisition will be completed once it has received all necessary regulatory and financial approvals, including those from the board and shareholders. On August 17, Inox Wind made a statement announcing that its promoter and promoter group companies have contributed 500 crore in the company to pay off debt. Inox Wind claimed that, before to taxes and other expenses, its promoter and promoter group companies had invested 500 crores. By selling equity shares of Inox Wind on the block deal stock exchange, its promoter and promoter group companies were able to raise the funds.