Latest News | Inox Wind Promoters Infuse Rs 500 Cr for Debt Repayment

New Delhi, Aug 17 (PTI) Wind energy solutions provider Inox Wind on Thursday said its promoter and promoter group entities have infused Rs 500 crore in the company for debt repayment.

The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges, a regulatory filing said.

Also Read | Fake Mobile Applications: IRCTC Sounds Alarm Over Malicious 'IRCTC Rail Connect' Mobile App To Trick Common Citizens.

The funds will be utilized for the repayment of IWL's existing debt, it added.

"Inox Wind announced the infusion of Rs 500 crores (before taxes and other charges) by its promoter and promoter group entities," it said.

Also Read | DRDO ADA Recruitment 2023: Vacancies Notified for 50 Project Engineer Posts, Apply Online at ada.gov.in.

This strategic move marks a significant milestone in Inox Wind's journey towards financial sustainability, it stressed.

Kailash Tarachandani, the CEO of Inox Wind, said "the recent fundraising initiative led by IWL's promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours."

Inox Wind is a part of the USD five billion INOXGFL Group.

The group has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)