Gujarat Fluorochemicals Limited (GFL), India’s leading fluorochemicals company, has received an intimation from Inox Wind Ltd. (IWL) regarding the signing of a consortium agreement, for its banking facilities, between IWL and a group of banks led by ICICI Bank. With this consortium agreement coming in force, the corporate guarantees extended by GFL for the prior banking facilities availed by IWL stands vacated / to be vacated in the near future.

On this occasion, Akhil Jindal, Group CFO, INOXGFL Group, said, “With the corporate guarantees falling off, the contingent liabilities shall reduce substantially, which will further strengthen GFL’s balance sheet. Also, with the recent strategic actions across all our Group companies, I believe that each of our companies now have very strong balance sheets backed by robust operational performances and bright outlook. All our Group companies are very well placed to capitalize on the opportunities in the new-age sectors and become leaders in the energy transition space.”