Rs 800 crore has been invested in Inox Wind by Inox Wind Energy

 Rs 800 crore has been invested in Inox Wind by Inox Wind Energy

Rs 800 crore has been invested in Inox Wind by Inox Wind Energy

IWEL had previously collected Rs 800 crore by selling Inox Wind equity shares in a block transaction on public markets.

Monday saw the announcement by Inox Wind Energy Ltd (IWEL) that it had invested Rs 800 crore in Inox Wind Ltd (IWL), with the subsidiary using the funds to settle some of its outstanding debt.

IWEL had previously collected Rs 800 crore by selling Inox Wind equity shares in a block transaction on public markets.

"The Rs 800 crore investment in Inox Wind Ltd has been completed by Inox Wind Energy Ltd. The money raised would be used to pay down IWEL's current debt, the company said in a regulatory statement on Monday.

"For this cash payment totaling Rs 800 crore, Inox Wind has allotted 0.01 a percentage non-convertible redeemable preference shares (NCRPS) of Rs 10 each to IWEL," it said in an additional statement.

The latest round of finance by IWL's promoter and the accompanying capital injection into IWL, according to Inox Wind CEO Kailash Tarachandani, are significant steps toward the company's objective of being net debt free.

The INOXGFL Group is involved in the chemical and renewable energy industries. Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited are its four listed companies.