Inox Wind raises ₹350 crore for business expansion

2 Sep 2024 , 03:26 PM

Inox Wind Ltd., a leading wind energy solutions provider, said that its subsidiary, Resco Global Wind Services Pvt. Ltd., an EPC Projects firm, has approved funding of ₹350 crore through a single-digit equity investment to marquee investors.

The money raised will be used to expand the business offerings and capitalise on large-scale prospects in the Indian wind industry.

Resco Global is one of the top two wind EPC service providers in the country. It intends to diversify its offerings and revenue streams by expanding into crane services and hybridising its power evacuation assets.

Resco Global’s timely cash raise will allow the company to accelerate its execution, grow up, and extend its products. We feel that this is another significant step towards ensuring that all of our companies are well-positioned to produce exceptional growth in the future, said Devansh Jain, Executive Director of the INOXGFL Group.

Inox Wind Group CEO Kailash Tarachandani further stated that the fund offering is taking place at an appropriate moment as Resco Global ramps up execution and accepts new orders.

At around 12.12 PM, Inox Wind was trading 1.97% lower at ₹216.76 per piece, against the previous close of ₹221.11 on NSE. The counter touched an intraday high and low of ₹223.71, and ₹216.44, respectively.

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