Wind energy solutions provider Inox Wind on Tuesday said the company and its arm Inox Green Energy Services have paid debts of ₹ 411 crores. The Inox GFL group has initiated strategic action to deleverage its Wind business.
Inox Wind has paid ₹ 161 crores, while Inox Green has paid ₹ 250 crores towards reducing its debt according to an exchange filing. Consequently, the Corporate Guarantees given by Gujarat Fluorochemicals Limited, have also been reduced to that extent.
Further debt reduction in both companies is underway. Inox GFL Group’s stated that its near-term goal is to deleverage all its operating entities and this repayment is a significant step towards achieving this goal.
Inox Wind Ltd is a fully integrated, leading wind energy solutions provider in India. Its manufacturing capacity stands at 1600 MW per annum. It manufactures WYGs and offers services including wind resource assessment, site acquisition, infrastructure development, and long-term O&M (operations and maintenance) of wind power projects. Its shares were trading at ₹ 126.70 apiece at 03:23 PM on Wednesday. The company has a market capitalization of ₹ 3,406 crores.
Inox Green Energy Services is a major O&M service provider in India for long-term wind projects. It is a subsidiary of Inox Wind. Its shares were trading at ₹ 60.80 apiece, up 1.17% at 15:25 PM on Wednesday. It is a small-cap company with a market capitalization of ₹ 1,765 crores.
Written by Simran Bafna
