Inox Green, Inox Wind shares gain up to 4% on Group's foray into solar mfg

Inox Group stocks: Shares of Inox Group companies were in demand on Wednesday, December 11, 2024, as Inox Green and Inox Wind gained up to 4 per cent in intraday deals on BSE. 

 

Inox Green rose up to 4.40 per cent to hit an intraday high of Rs 182.50 per share, while Inox Wind increased as much as 1.60 per cent to an intraday high of Rs 211.50 per share.

 

The rise in these stocks followed the INOXGFL Group's announcement of its entry into solar manufacturing through Inox Solar, a privately held company owned by the promoters.

 

Inox Solar aims to become a leading player in India's solar sector with an initial manufacturing capacity of 5 GW for solar modules and 2.5 GW for solar cells by 2026. The company has outlined a capital expenditure of Rs 1,500 crore for this expansion, the statement revealed.

 

Inox Solar will also provide end-to-end EPC (Engineering, Procurement, and Construction) solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions Ltd. (formerly Resco Global Wind Services Ltd.). Additionally, post-commissioning operations and maintenance (O&M) services will be offered via Inox Green Energy Services.

 

The company’s first solar module manufacturing facility, with an initial capacity of 1.2 GW, is set to begin operations in Gujarat by March 2025. This facility will produce advanced TopCon modules.

 

“For the INOXGFL Group, solar manufacturing is a natural extension as it completes the Group’s interests across the entire renewable energy ecosystem, making it one of the deepest integrated Group’s in India in the energy transition space – having a presence across EV, Energy Storage, Wind, Solar, and Green services etc,” the statement added. 

 

"With Inox Solar, we proudly mark a new chapter in INOXGFL Group's journey, advancing India's renewable energy aspirations. This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem. Our vision is to deliver comprehensive renewable solutions, supported by world-class manufacturing capabilities and turnkey services. By targeting 5 GW of solar modules and 2.5 GW solar cell capacity by 2026, we aim to drive energy independence and empower our stakeholders. Together, we are not just contributing to greening India but also redefining the benchmarks of excellence in the renewable sector," said Devansh Jain, executive director of INOXGFL Group.

 

At 12:40 PM, Inox Green shares were trading 1.14 per cent higher at Rs 176.80, while Inox Wind shares were trading 0.74 per cent lower at Rs 206.60 per share. In comparison, BSE Sensex was trading 0.12 per cent higher at 81,608.56 levels.