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Inox Wind Limited (IWL), a prominent player in India’s wind energy sector, announced today that its subsidiary, Resco Global Wind Services Pvt. Ltd. (Resco Global), has secured ₹350 crore in equity investment from marquee investors. The funding, representing a single-digit stake, will be used to expand Resco Global’s business offerings and capitalize on the burgeoning opportunities within India’s wind energy market.
Resco Global, which ranks among the top two wind EPC (Engineering, Procurement, and Construction) service providers in India, boasts an operational track record spanning over 14 years. The company provides comprehensive services for wind projects, from conceptualization to project commissioning, including the construction of transmission infrastructure. With a strong presence across India, particularly in Western India, Resco Global is currently developing multi-gigawatt scale common infrastructure for future renewable projects.
In a move to broaden its service portfolio, Resco Global is now entering the crane services sector and exploring new revenue streams through the hybridization of its power evacuation assets. Recent renewable energy policies in multiple states permit the hybridization of both existing and future transmission assets, offering asset owners, including Resco Global, the potential for increased revenue. With Inox Wind’s robust order book of approximately 3 GW and a strong pipeline of incoming orders, Resco Global anticipates significant revenue growth in the near future.
Commenting on the development, Mr. Devansh Jain, Executive Director of INOXGFL Group, stated, “With Inox Wind successfully turning around, we are continuously seeking to enhance value across all our businesses, leveraging the exceptional opportunities in India’s wind sector. This timely fundraise for Resco Global will accelerate its growth and expansion. We believe this is a crucial step in ensuring that our companies are well-positioned for substantial growth moving forward. We appreciate the confidence and commitment of our investors in our growth story.”
Mr. Kailash Tarachandani, Group CEO of Inox Wind, added, “Resco Global’s strong market position, with its large-scale plug-and-play project site infrastructure, significantly reduces execution timelines for developers. Given India’s ambitious renewable energy targets, we expect a surge in demand for wind EPC projects in the coming years. Resco Global, with its expertise in large-scale wind projects, is well-equipped to meet this demand. The recent equity investment comes at a pivotal moment as Resco Global ramps up its execution capabilities and takes on new orders.”
