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Inox Wind Ltd, India's leading wind energy solutions provider, on Tuesday said it has sold a Rs 175 crore stake in its EPC subsidiary, Inox Renewable Solutions Ltd, to investors at a valuation of Rs 7,400 crore.
The post-merger valuation of Inox Renewable Solutions Ltd (IRSL), recently received no objection' from the stock exchanges, a company statement said.
Inox Wind caters to Independent Power Producers (IPPs), utilities, PSUs, and corporate investors.
Inox Wind Ltd (IWL) is a part of the $12 billion INOXGFL Group, which has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy, it said.
IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where blades, tubular towers, as well as hubs & nacelles are manufactured.
Through its other subsidiary, Inox Renewable Solutions (earlier known as Resco Global Wind Services Pvt Ltd), IWL provides EPC services for wind projects and develops common infrastructure, including power evacuation infrastructure, for renewable projects.
Inox Wind's large and well-diversified orderbook of 3.1 GW, with a healthy order inflow pipeline, provides strong revenue visibility for IRSL.
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