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Inox Green Energy Services (IGESL), a subsidiary of Inox Wind and India’s leading wind power operations and maintenance (O&M) service provider, has taken a strategic step towards becoming debt-free. IGESL has signed a term sheet for the complete divestment of its 100% stake in Nani Virani Wind Energy Private Limited SPV, a 50 MW operational wind farm located in Gujarat, commissioned in May 2023.
This divestment aligns with IGESL’s goal of transitioning into an asset-light annuity O&M business, while simultaneously reducing debt on its parent company Inox Wind’s consolidated balance sheet. The transaction is set to conclude following the necessary regulatory and banking approvals, including approvals from the Board and shareholders.
Kailash Tarachandani, CEO of Inox Wind, emphasized the significant positive impact of this move on both companies. He stated that IGESL’s debt-free status would enhance its financial stability, while also substantially deleveraging Inox Wind’s balance sheet. Tarachandani reiterated their commitment to strengthening Inox Wind’s overall performance and profitability on their journey ahead.
This strategic divestment reflects Inox Wind and IGESL’s dedication to achieving financial resilience and positioning themselves for future growth.
