Inox Green Energy Subsidiary Bags Restoration Order of 33 WTGs

19 Mar 2024 , 02:24 PM

On Tuesday, March 19, Inox Green said that its subsidiary I-Fox Windtechnik India Private Limited had received an order from NLC India to repair 33 wind turbine generators located at the Tenkasi area of Tamil Nadu’s NLCIL wind power facility. The 1.5 MW wind turbine generators are all separate units.

The company stated in a stock exchange filing that the contract includes the supply of materials/spares and other activities for the restoration of the wind turbines within eight months, with a revenue realisation of ₹39.5 crore during the contract period.

Having its headquarters in Baroda, Inox Green Energy Services was established in 2012 and is a major player in the green energy industry.

The company declared in October of last year that it was going to sell all 100% of its shares in the Nani Virani Wind Energy Special Purpose Vehicle (SPV).

Devansh Jain, ED of InoxGFL Group, stated in an interview with CNBC-TV18, “We want to make INOX Green net debt-free by the end of the current fiscal year. And I’m glad to report that we’re headed in that direction.

On Monday, March 18, Inox Green shares closed 0.82% higher at ₹122.4 a share. The last year saw a 193.53% rise in the stock.

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