Inox Wind shares gain nearly 7% after securing 200MW order

Inox Wind informed the stock exchanges in a filing on July 9 that it has bagged an order for its 3 MW Wind Turbine Generators (WTGs). The scope of the order comprises end-to-end turnkey execution. As part of the project, Inox Wind will also provide post-commissioning multi-year operations and maintenance services.

The company informed the bourses that the project will be executed in the states of Gujarat and Rajasthan.

Earlier, on July 4, Inox Wind Ltd informed the stock exchanges that it had completed the infusion of ₹900 crore into the company by its promoter Inox Wind Energy Limited (IWEL).

The company said that Inox Wind Energy Limited raised the funds via a sale of Inox Wind Limited’s shares through block deals on May 28. The company mentioned that several marquee investors participated in the block deals. Inox Wind Ltd will use the money raised via the stake sale to completely pare down its external term debt to achieve a net debt free status.

In June the company incorporated a wholly-owned subsidiary, named, Pokhran Wind Energy Private Limited, as a special purpose vehicle (SPV) to develop wind farms in India. The newly incorporated company has an authorized and paid-up capital of ₹1,00,000.

Inox Wind is a fully integrated player in the wind energy market. It has state-of-the-art manufacturing plants near Ahmedabad for blades and tubular towers and at Una (Himachal Pradesh) for hubs and nacelles.

Inox Wind shares traded at ₹161.80 apiece, up 2.31% on the NSE at 2:00 pm.