Inox Winds aims to raise Rs 1,000 cr in IPO

It would be the third entity of the Inox group to get listed

Optimistic about the next wave of growth in wind power, the $2 billion Inox Group is looking at the capital market for Inox Wind Ltd to raise around Rs 1,000 crore by this fiscal.

It would be the third entity of the group to get listed.

"We are looking at raising around Rs 1,000 crore from the market. Our merchant bankers have indicated that we may get the approval from regulators soon. We may list it by this fiscal," Inox Wind Ltd director Devansh Jain told PTI.

He said the company will dilute only a minority stake in the proposed public offer.

Wind power solutions providers since 2010, Inox Wind is a subsidiary of listed Gujarat Fluorochemicals. The other publicly held company under the group is Inox Leisure.

Jain said the new government is giving a major thrust to the renewables including wind power and he hoped that a domestic market of wind power projects totalling 3.5 GW will roll out year-on-year.

He said the company expected accelerated depreciation benefit being restored for wind power and a boost for this form of renewable energy industry to come out of sluggish growth seen in the last 2-3 years.

"We have generation based incentive now and do not see any reason that accelerated depreciation benefit being restored as government has recognised the issue," Jain said.

Despite odds the the industry trend has been bucked and is profitable since 2011, Jain said.