Inox Green Energy will sell its whole holding in Nani Virani Wind Energy

 Inox Green Energy will sell its whole holding in Nani Virani Wind Energy

Inox Green Energy Services said on Monday that it will sell its whole share in Gujarat-based Nani Virani Wind Energy Private Ltd, an operating wind farm with a 50 megawatt capacity.

The parent company of Inox Green Energy Services, Inox Wind Limited (IWL), said in a regulatory filing that IGESL has signed a term sheet for the disposal of the whole investment in Nani Virani Wind Energy Private Limited SPV.

"Inox Wind and IGESL will both significantly benefit from this arrangement. Inox Wind's balance sheet will significantly deleverage as IGESL fulfills its goal of being net debt-free, enhancing the company's financial stability. As we go forward on our exciting adventure, we are dedicated to improving our profitability and boosting Inox Wind's performance across the board, said Kailash Tarachandani, CEO of Inox Wind.

After receiving all required financial and regulatory approvals, including those from the board and shareholders, the transaction will be finalized.

Inox Wind said on August 17 that its promoter and promoter group businesses have invested 500 crore in the business to pay off debt.

Inox Wind had said that its promoter and promoter group businesses had invested 500 crores (before taxes and other costs).

The money was generated via the block deal stock exchange sales of equity shares of Inox Wind by its promoter and promoter group companies.

"The recent fundraising drive led by IWL's promoters and following capital infusion significantly reinforces our solid financial position and empowers us with greater adaptability for future growth endeavors," stated Kailash Tarachandani, CEO of Inox Wind.

Inox Wind Limited is India's top supplier of wind energy solutions, serving independent power producers, utilities, public sector organizations, and corporate investors. Inox Wind Limited is a component of the $5 billion INOXGFL Group.

The INOXGFL Group has a history spanning more than nine decades and is largely focused on the chemical and renewable energy industries.