Inox Wind-led subsidiary to transfer its EPC of Wind Turbine Generators Biz for Rs30cr; Stock trades flat

4 Jan 2022 , 12:53 PM

Inox Wind announced that its material subsidiary, Inox Green Energy Services Limited (IGESL) has entered into a Business Transfer Agreement (BTA) to transfer its Erection, Procurement and Commissioning (EPC) of Wind Turbine Generators Business, on a slump sale basis, to its fellow subsidiary, Resco Global Wind Services Private Limited, a wholly-owned subsidiary of the Company.

IGESL was earlier known as Inox Wind Infrastructure Services.

Inox Wind said, “we would like to inform you that since the transfer of the EPC business is being done by IGESL to the Company’s wholly-owned subsidiary, this transaction would not have any impact on the financials of the Company.”

IGESL is engaged in the business of Erection, Procurement and Commissioning (EPC), Operation & Maintenance (O&M) services and common infrastructure facilities for Wind Turbine Generators.

The transaction is valued at Rs30cr.

At around 12.51 pm, Inox Wind was trading at Rs115.50 per piece flat compared to the previous closing on Sensex.