After Suzlon, Inox Wind Set To Become Net Debt Free After Promoter Pumps ₹900 Cr

Inox Wind Limited (IWL), a major player in India’s wind energy sector, has declared that it will become a net debt-free company.

What Happened: This announcement comes in the wake of a ₹900 crore infusion from its promoter, Inox Wind Energy Limited (IWEL). The capital was raised on May 28, 2024, through the sale of IWL’s equity shares in block deals on various stock exchanges.

The raised funds are earmarked for the complete repayment of IWL’s external term debt. This move will enable the company to achieve a net debt-free status, except for promoter debt.

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Kailash Tarachandani, the CEO of Inox Wind, expressed optimism about the company’s financial future. He said, “This fund infusion will help us become a net debt-free company, strengthening our balance sheet and helping accelerate our growth. We expect substantial savings in interest expenses going ahead, aiding our profitability further.”

IWL, a part of the INOXGFL Group, is a renowned name in the renewable energy sector, primarily focusing on chemicals and wind energy. The company is known for offering comprehensive wind energy solutions and manufactures key components of wind turbines using advanced technology.

Another wind energy major, Suzlon Energy became net debt-free during the year ended March 2024. The company had a net cash position of ₹1,148 crore as of March 31, 2024.

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