Inox Wind Limited , a prominent player in the renewable energy sector, has announced a significant divestment in its material subsidiary, Inox Renewable Solutions Limited (IRSL). The company has agreed to sell 49,57,142 equity shares of IRSL for approximately Rs 175 crore, as per a recent regulatory filing.

Key Details of the Transaction

Financial Implications

The divestment comes as a strategic move for Inox Wind, considering IRSL's contribution to the company's financials:

Regulatory Compliance

Inox Wind has confirmed that the transaction does not fall under the category of related party transactions. The company has provided this information in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

About IRSL

Inox Renewable Solutions Limited, formerly known as Resco Global Wind Services Private Limited, is a material subsidiary of Inox Wind with a paid-up capital of Rs 161.94 crore. The company has been contributing significantly to Inox Wind's consolidated financial performance.

This divestment represents a notable development for Inox Wind, potentially impacting its financial structure and operational focus in the renewable energy sector. Investors and market watchers will likely keep a close eye on how this move affects Inox Wind's future strategies and performance in the competitive renewable energy market.

Inox Wind , a leading wind energy solutions provider, has delivered exceptional financial results for the first quarter, showcasing significant growth across key metrics. The company's performance highlights its strong position in the renewable energy sector and its ability to capitalize on the growing demand for wind power solutions.

Financial Highlights

Operational Performance

Inox Wind demonstrated strong operational execution during the quarter:

• Executed 146 MW of projects
• Maintains a diversified order book of approximately 3.1 GW
• Order book provides visibility for the next two years

Strategic Developments

The company made significant strides in expanding its manufacturing capabilities and streamlining its corporate structure:

• Commissioned new manufacturing facilities:
  • Nacelle plant
  • Transformer unit
  • Crane services
• Completed the merger of Inox Wind Energy Limited
• Received stock exchange approval for substation business demerger

Regulatory Support

The Ministry of New and Renewable Energy has notified the Approved List of Models and Manufacturers (ALMM) for wind and turbine components. This move is expected to benefit domestic manufacturers like Inox Wind, potentially boosting their market position.

Management Commentary

Sanjeev Agarwal, CEO of Inox Wind, expressed confidence in the company's ability to achieve its targets. He highlighted the strong demand growth prospects for domestic wind Original Equipment Manufacturers (OEMs), indicating a positive outlook for the company and the industry.

Conclusion

Inox Wind's record-breaking first-quarter performance underscores its strong market position and operational efficiency. With a robust order book, expanded manufacturing capabilities, and favorable regulatory environment, the company appears well-positioned to capitalize on the growing demand for wind energy solutions in India.