Page 2 - Inox Wind

Inox Wind bags repeat order for 210 MW project from Hero Future Energies

Wind energy solutions provider Inox Wind on Friday said it has secured a repeat order for 210 MW for its 3 MW wind turbine generators from Hero Future Energies (HFE). Additionally, Inox Wind will also provide post-commissioning multi-year Operations & Maintenance (O&M) services, a statement said. The order is for (IWL) Inox Wind Ltd's state-of-the-art 3 MW Wind Turbine Generators (WTGs), and the scope comprises equipment supply with certain add-on services, according to the statement. The WTGs will be supplied to HFE from Q3 FY25 onwards and will be installed in South India. Kailash Tarachandani, CEO of Inox Wind, said, "We are thrilled to announce a large repeat order of 210 MW from Hero Future Energies, a longstanding partner. This order reinforces the confidence in our 3MW WTGs, being one of the most efficient turbines in its class. The addition of this order further re-emphasises our growth outlook.

Inox subsidiary bags Rs 40 cr order to restore wind turbine generators

Inox Green Energy Services on Tuesday said its subsidiary I-Fox Windtechnik India Pvt Ltd has bagged an order worth Rs 39.5 crore for restoration of 33 wind turbine generators (WTGs) of 1.5MW each from NLC India. The scope of the contract comprises supplies of materials/spares and other activities for the restoration of 33 WTGs within a period of eight months, with a revenue realisation of Rs 39.5 crore (inclusive of taxes) during the contract period, a company statement said. The order is for the restoration of 33 wind turbine generators (each 1.5 MW) of NLC India's wind power plant located at Tenkasi district in Tamil Nadu, the statement added. "We are delighted to receive another order from NLC India after securing the contract for comprehensive O&M of 51MW WTGs for 5 years during the last year," SK Mathu Sudhana, CEO of IGESL said in the statement. This is another important landmark in the growth journey of IGESL as well as of our subsidiary I-Fox Wind, and the company is ...

After up to 595% rally in 1 year, wind energy stocks hit by policy overhang

Shares of companies involved in wind energy generation declined up to 5 per cent amid reports that the government may bring back reverse auctions in the wind energy sector

Inox Wind eyes profit in coming quarters amid market upswing: INOXGFL

Wind energy solution provider Inox Wind is likely to continue its growth trajectory after its business turned around in the December 2023 quarter, driven by a strong order book and higher revenues, a top official has said. Its parent INOXGFL Group's Executive Director Devansh Jain said the group firm is expected to continue to register a consistent rise in its profit after tax (PAT) over the next few quarters, backed by growth in business amid favourable market conditions. Inox Wind Limited (IWL) is a group company of USD 8 billion INOXGFL Group, engaged in the chemicals and renewables space. On Friday, Inox Wind posted a consolidated net profit of Rs 1.81 crore for the October-December 2023 period after reporting a back-to-back loss for the last five years. In a telephonic interaction, the executive director attributed "robust order book and revenue growth of over 100 per cent to Rs 506.88 crore, aided by advantageous market conditions" as the key factors leading to the turnaround

Inox Wind Q3 results: Profit rises to Rs 1.81 cr on back of higher revenues

Inox Wind on Friday posted a consolidated net profit of Rs 1.81 crore in the December 2023 quarter on the back of higher revenues. It had suffered a loss of Rs 287.86 crore in the October-December quarter a year ago, Inox Wind said in an exchange filing. The company's total income rose to Rs 506.88 crore in the reporting quarter from Rs 237.68 crore in the year-ago period. In a separate statement, the company said its EBIDTA was at Rs 99.5 crore in the quarter against an EBITDA loss of Rs 172.5 crore in the same quarter of 2022-23. The company's orderbook stood at 2.6 GW, the statement said. Devansh Jain, Executive Director, INOXGFL Group said efforts put in over the last few quarters have yielded a remarkable turnaround for Inox Wind in the third quarter, which is reflected in the current order book and the reported numbers. "I firmly believe that we have just embarked on a massive growth journey. With all the levers aligned, which includes the strong promoter backing of the com

Inox Wind ties up with German firm for new series of turbine generators

Homegrown Inox Wind on Tuesday said it has partnered with Germany-based Wind to Energy to introduce a new series of wind turbine generators in the domestic market. Under the agreement, Wind to Energy (W2E) will share its technology and design for the 4.X MW series wind turbine generators (WTG), Inox Wind Ltd (IWL) said in a statement. The new series of wind turbine generators has been designed for low wind regimes in India, the company said. Wind to Energy (W2E) is a global provider of technology and design for wind turbines. Inox Wind currently manufactures 2 MW and 3 MW turbines with multiple blades on existing licences with AMSC. The company will target installations of its 4.X MW series WTGs across various sites in the country. A 4.X MW series WTG can be upgraded with the use of boosters and Inox Wind will offer it in multiple blade and tower variants, it said. "The launch of 4.X MW wind turbines marks an important milestone for Inox Wind, as we continue on our exciting growt

Inox Wind 3 MW WTGs make entry in MNRE's list of approved turbines

The government has included 3 megawatt (MW) wind turbine generators of wind energy solutions provider Inox Wind in its revised list of models and manufacturers, the company said in a statement. The Revised List of Models & Manufacturers (RLMM) of the Ministry of New and Renewable Energy (MNRE) includes quality-certified wind turbine models eligible for installation in the country to facilitate investors, lenders and developers. "The wind turbine generators (WTGs) will be available in multiple hub height variants, including 100m, 120m, and 140m. This turbine offers one of the lowest levelized costs of energy on a per unit basis given its compact design, resulting in lower costs of production, transport & logistics as well as installation, thereby giving the company a sustainable edge in the Indian market," Inox Wind said. With multiple orders in hand for the 3 MW WTGs, there will be a major ramp-up in the manufacturing and supplies of the turbines to meet the high demand. Inox .

Stock of this wind energy solutions provider has zoomed 108% in 7 weeks

So far in December, IWL has surged 59 per cent after it completed infusion of around Rs 800 crore (before taxes and fees) by its promoter Inox Wind Energy Limited (IWEL)

Inox Wind Energy infuses Rs 800 cr in arm, firm to use money to clear debt

Inox Wind Energy Ltd (IWEL) on Monday said it has infused Rs 800 crore into Inox Wind Limited (IWL) and the subsidiary company will utilise the amount to clear a portion of its outstanding debt. IWEL had earlier raised Rs 800 crore through sale of equity shares of Inox Wind through block deals on the stock exchanges. "Inox Wind Energy Limited completes infusion of Rs 800 crore into Inox Wind Ltd. The funds received will be utilized to repay IWL's existing debt," IWEL in a regulatory filing on Monday. "For this cash consideration of Rs 800 crore, Inox Wind has allotted 0.01 per cent non convertible redeemable preference shares (NCRPS) of Rs 10 each to IWEL," a separate statement said. Kailash Tarachandani, the CEO of Inox Wind said the recent round of fundraising by IWL's promoter and the subsequent capital infusion into IWL is a significant step towards the company's aim of becoming a net-debt free company. INOXGFL Group is operating across two key verticals -- chemicals and renew

Inox Wind soars 14% as promoter completes Rs 800 crore fund infusion

Inox Wind announced the completion of infusion of around Rs 800 crore (before taxes and fees) into the company by its promoter Inox Wind Energy Limited (IWEL).

CRISIL upgrades ratings on Inox Wind with stable outlook on debt shrink

Crisil has upgraded its ratings on Inox Wind Limited with a stable outlook, according to a regulatory filing. Part of INOX GFL Group, Inox Wind Limited is India's leading wind energy solutions provider servicing independent power producers (IPPs), utilities, public sector units (PSUs) and corporate investors. "CRISIL has upgraded its ratings from Crisil BBB+ to Crisil A- (long term rating), Crisil A2 to Crisil A2+ (short term ratings) with stable outlook in relation to ratings of its banking facilities," the company said in a regulatory filing. Crisil's rationale for upgrading Inox Wind's ratings reflects the steps undertaken by the promoters in fiscal 2024 to reduce debt, leading to significant improvement in the financial risk profile, improvement in the business risk profile which the company has demonstrated by delivering significant improvement in operating performance in the first half of fiscal 2024 and commercialisation of the 3.3 megawatt (MW) turbine. The upgrade in ratin

Inox Wind soars 9%, hits 7-year high on Monday; what's driving the rally?

Shares of Inox Wind hit their highest level since July 2016 after its customer, NTPC Renewable Energy, announced the successful commissioning of 50 MW out of 150 MW Dayapar Wind Energy Project

IWEL raises Rs 800 crore through sale of equity shares of Inox Wind

Inox Wind Energy Ltd (IWEL) has raised Rs 800 crore through sale of equity shares of Inox Wind, according to a regulatory filing. The sale has been made through block deals on the stock exchanges, INOXGFL Group said in a BSE filing. "IWEL, the promoter of Inox Wind Ltd (IWL), successfully raised Rs 800 crore through sale of equity shares of Inox Wind via block deals on the stock exchanges," it said. The funds raised will be infused into IWL and utilized for the repayment of IWL's external debt, marking a significant step towards achieving a net-debt free status. The transaction witnessed strong participation across long-only domestic and foreign institutional investors, it said. Devansh Jain, Executive Director of INOXGFL Group, said "With today's transaction, we have taken a large step towards our goal of achieving a net debt-free status for Inox Wind Ltd. "As Inox Wind embarks on its next phase of growth, underpinned by India's renewable energy targets, its robust financial ...

Inox Wind Q2 results: Net loss narrows to Rs 26.8 cr due to higher revenues

Inox Wind's consolidated net loss narrowed Rs 26.84 crore in the September quarter due to higher revenues. Consolidated net loss of the company stood at Rs 133.81 crore in the year-ago period, as per a BSE filing. Total income from operations rose to Rs 384.40 crore during the quarter from Rs 111.89 crore in the same period a year ago.

NCLAT dismisses plea to initiate insolvency proceedings against Inox Wind

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea to initiate insolvency proceedings against Inox Wind by an operational creditor of the company. A three-member bench of the insolvency appellate tribunal also upheld the orders of the Chandigarh Bench of the National Company Law Tribunal (NCLT), which on May 22, 2023, rejected the plea of GRI Towers India. While dismissing the plea, the NCLAT again said that the Insolvency & Bankruptcy Code (IBC) are "not proceedings for recovery of contractual dues". The bench said it was apparent from the facts of the present case the operational creditor has initiated proceedings for recovery of its contractual dues arising out of a contract between the parties. "Suit for recovery of dues was already filed by the Appellant, which was withdrawn by the Appellant," the NCLAT observed. GRI, which is in trade and service relating to the business of providing equipment and manpower, had approached the NCLT, alleging a default

Inox Wind promoters infuse Rs 500 cr in company for repayment of debt

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. 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. 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 ...

RIL, ITC lift Sensex 418 pts, Nifty regains 18,700; MRF tops Rs 1-L mark

CLOSING BELL ON JUNE 13, 2023: In the broader market, the BSE MidCap index soared 1.2 per cent, while the Smallcap added 0.8 per cent on Tuesday.

Inox Wind Energy soars 19% on board's nod for merger with Inox Wind

The board approved swap ratio for the merger - around 158 equity shares of Inox Wind will be issued for every 10 equity shares of Inox Wind Energy

Inox Wind bags 100 MW wind power project from ABEnergia Renewables

Shares of Inox Wind ended over 4 per cent higher at Rs 149.40 on the BSE

Inox Wind gets 150 MW wind energy project from NTPC Renewable Energy Ltd

Inox Wind on Tuesday said it has bagged a 150 MW wind energy project from NTPC Renewable Energy Limited (NTPCREL) in Gujarat. With this, the total orders awarded to Inox Wind from NTPC to date stands at 550 MW, the company said in a statement. Inox Wind has bagged the order for a 150 MW wind power project from NTPC Renewable Energy Limited. The project will be executed in the state of Gujarat, it added. Inox Wind CEO Kailash Tarachandani said as part of the order, his company will supply and install existing and new technology state-of-the-art wind turbine generators at the project site. Additionally, it will also be responsible for operation and maintenance (O&M) services for the project. Inox Wind Limited (IWL) is India's leading wind energy solutions provider, servicing independent power producers (IPPs), utilities, PSUs and corporate investors.