Inox Wind Energy Ltd Company Summary

Inox Wind Energy Ltd Summary

Inox Wind Energy Limited (IWEL) was incorporated as Public Limited Company on 06 March, 2020 in Gujarat as a wholly owned subsidiary of GFL Limited. Currently, the Company operates as a subsidiary of Inox Leasing and Finance Limited, with a controlling share capitalof 48.27% as of 31st March, 2024.The Company was found with the objective of engaging in business of generation and sale of wind energy, providing services for Erection, Procurement and Commissioning (EPC) of wind farms and holding strategic business interest in Renewables Energy. The Company received the Demerged Undertaking of GFL Limited and ran the Renewable Energy Business at various sites in Tamil Nadu, Maharashtra, Kerala and Rajasthan. The Company sites are strategically located at various locations catering to growing demand for wind energy and further expand operations. The global wind energy market holds massive potential to provide clean electricity and eliminate carbon emissions from fossil fuels.As per the Composite Scheme of Arrangement between Inox Renewables Limited, wholly owned subsidiary of GFL Limited, GFL Limited and the Company, the Renewable Energy Business of GFL Limited was demerged into the Company as a going concern and Inox Renewables Limited was amalgamated with GFL limited effective from July 1, 2020. Resulting the Demerger process, the said Scheme became effective from February 9, 2021 during the year 2020-21. As per the Scheme, the Company allotted and credited 1 equity share of Rs 10 each of the Company to the shareholders of GFL against 10 equity share of Re. 1 each held by them in GFL. During FY 2020-21, the Company issued 1,09,85,000 fully paid-up equity share of Rs 10 each, pursuant to the Scheme of Arrangement to the shareholders of the GFL Limited.In 2022-23, the Company got merged into Inox Wind Limited (IWL), through the Scheme of Amalgamation and given effect on July 1, 2023.