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Inox Inexperienced Vitality Companies (IGESL), a subsidiary of Inox Wind and India’s main wind energy operations and upkeep (O&M) service supplier, has taken a strategic step in the direction of turning into debt-free. IGESL has signed a time period sheet for the whole divestment of its 100% stake in Nani Virani Wind Vitality Non-public Restricted SPV, a 50 MW operational wind farm situated in Gujarat, commissioned in Might 2023.
This divestment aligns with IGESL’s purpose of transitioning into an asset-light annuity O&M enterprise, whereas concurrently decreasing debt on its dad or mum firm Inox Wind’s consolidated stability sheet. The transaction is about to conclude following the required regulatory and banking approvals, together with approvals from the Board and shareholders.
Kailash Tarachandani, CEO of Inox Wind, emphasised the numerous constructive impression of this transfer on each corporations. He said that IGESL’s debt-free standing would improve its monetary stability, whereas additionally considerably deleveraging Inox Wind’s stability sheet. Tarachandani reiterated their dedication to strengthening Inox Wind’s general efficiency and profitability on their journey forward.
This strategic divestment displays Inox Wind and IGESL’s dedication to reaching monetary resilience and positioning themselves for future development.
