Gujarat Fluorochemicals Ltd. (GFL), a leading advanced materials company globally, has received Rs. 623 crore from Inox Wind Ltd. (IWL) against advances that GFL had given to IWL for setting up the wind power capacity.

The advances have been paid adjusting for the wind power capacity that Inox Wind will be commissioning for GFL. This money will be used to substantially reduce the debt at GFL as has been the stated vision of the Inox GFL Group to reduce the debt of all its operating entities.

The Board of Inox Wind had given its accord on 30th August, 2022 to raise funds (upto Rs. 800 crore by way of issuance of 0.01% Non-Convertible Non-Cumulative Participating Redeemable Preference Shares on private placement basis, to ‘Promoter/ Promoter Group’ entities) which was consequently approved in the AGM.

Further, Inox Wind has used these funds to repay GFL the advances (net off wind capacity expected to be commissioned) it had received for setting up the wind power capacity. This is in line with the stated vision of the InoxGFL Group to achieve zero net debt across all their operating entities.

Commenting on the occasion, Kailash Tarachandani, CEO, IWL said, “The fund infusion of Rs. 623 crore by promoters along with Rs. 740 crore recently raised through the IPO of Inox Wind’s Subsidiary Inox Green Energy Services Limited, will help the company pare down its consolidated interest-bearing liabilities substantially and help improve the profitability of both the operating companies significantly. The turnaround in the wind sector led by the government's initiatives to provide impetus to the sector will augur well in accelerating the company’s growth. This fund infusion by the promoters signals a strong conviction and faith that the promoters have on us and we are equally motivated to deliver on their trust and confidence on us.”

Inox Wind Limited is India’s leading wind energy solutions provider servicing IPPs, utilities, PSUs and corporate investors. IWL is a part of the US $6 billion INOX GFL Group which has a legacy of over nine decades and primarily focused on two business verticals - chemicals and renewable energy. IWL is a fully integrated player in the wind energy market with three manufacturing Plants in Gujarat, Himachal Pradesh, and Madhya Pradesh.

The plants near Ahmedabad (Gujarat) and Barwani (Madhya Pradesh) manufacture Blades & Tubular Towers while Hubs & Nacelles are manufactured at the company’s facility at Una (Himachal Pradesh). It also has a facility for manufacturing Hubs & Nacelles at Bhuj, Gujarat. Inox Wind’s manufacturing capacity stands at 1,600 MW per annum.