Inox Green Energy Services to Divest Full Stake in Nani Virani's 50 MW Wind Farm

9 Oct 2023 , 02:58 PM

Inox Green Energy Services (IGESL) plans to divest its entire 100% stake in Nani Virani Wind Energy Private Ltd, a 50 MW operational wind farm in Gujarat. The decision was confirmed in a regulatory filing by IGESL’s parent company, Inox Wind Limited (IWL).

The transaction is subject to customary regulatory and banking approvals, as well as board and shareholder consent. This divestment will have a positive impact on both IGESL and Inox Wind. IGESL aims to achieve a debt-free status, while Inox Wind’s balance sheet will experience significant deleveraging, strengthening its financial position.

Kailash Tarachandani, CEO of Inox Wind, emphasizes their commitment to enhancing Inox Wind’s performance and profitability. Inox Wind Limited is a leading provider of wind energy solutions in India, catering to independent power producers, utilities, public sector units, and corporate investors.

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