Inox Wind (IWL) said that it has received a letter of intent (LoI) from IGREL Renewables (IGREL) for execution of 550 MW wind capacity on turnkey basis.
As part of the project, Inox Wind will supply, install and commission the wind turbine generators (WTGs), and provide multi-year comprehensive operations & maintenance (O&M) services post commissioning.
The project will be executed over the next 24 months across multiple sites in the states of Gujarat, Rajasthan and Madhya Pradesh.
The 550 MW LoI is over and above the firm order of 200 MW received in the past, and takes IWLs orderbook to more than 3.5 GW.
Kailash Tarachandani, Group CEO, Inox Wind, said, "This is yet another milestone for Inox Wind and puts our company on a firm footing to achieve our 2 GW annual execution vision, which we aim to accomplish in FY27 with our large orderbook.
With robust sectoral tailwinds and IWLs strong positioning having all the levers in place, we are primed to capitalize on the large opportunity in the sector over the next decade.
Inox Wind is a wind energy solutions provider in India, catering to IPPs, utilities, PSUs, and corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.
The company reported a consolidated net profit (from continuing operations) of Rs 47.17 crore in Q1 FY25 as against a net loss of Rs 64.88 crore posted in Q1 FY24. Revenue from operations surged 83.18% year on year to Rs 638.81 crore in the quarter ended 30 June 2024.
The scrip shed 0.27% to currently trade at Rs 244.10 on the BSE.
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