Inox Wind and its subsidiary Inox Green Energy Services have recently paid an aggregate Rs 411 crore towards reducing their debt.
As part of the strategic initiative to deleverage their balance sheet, Inox Green has paid an aggregate Rs 250 crore and Inox Wind has paid an aggregate Rs 161 crore.Consequently, the corporate guarantees given by Gujarat Fluorochemicals have also got reduced to that extent.
Both the companies are in the process of further reducing their debt in due course.
Inox GFL Group's stated near term goal is to deleverage all its operating entities and this repayment is a significant step towards achieving this goal.
Inox Wind is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. It has three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh.
Inox Green Energy Services is one of the major wind power operations and maintenance (O&M) service providers within India. It is engaged in the business of providing long-term O&M services for wind projects. It is a subsidiary of Inox Wind with whom it enjoys a synergistic relationship and a part of the Inox GFL Group of companies.
Shares of Inox wind advanced 2.97% at Rs 126.40 and Inox Green Energy Services rose 1.40% at Rs 61.45 crore on the BSE.
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