Inox Renewables

Inox Wind Energy to merge with Inox Wind following NCLT's approval

The Chandigarh bench of National Company Law Tribunal (NCLT) has approved the merger of Inox Wind Energy Ltd and Inox Wind Ltd, a decision that will streamline the wind business vertical of the INOXGFL Group and improve overall operational efficiencies. Following the NCLT order on Tuesday, Inox Wind Energy Ltd will be amalgamated into Inox Wind Ltd (IWL), INOXGFL Group said in a statement on Wednesday. The merger simplifies and streamlines the wind business vertical of the INOXGFL Group, improving overall operational efficiencies, it said. The merger, or the "scheme of arrangement", will also reduce IWL's liabilities by Rs 2,050 crore, strengthening its balance sheet. The overall consolidation of businesses, financial, operational and other synergies may result in enhancing value for various stakeholders of the companies. As a result of this merger, 632 equity shares of face value of Rs 10 each of IWL will be allotted for every 10 equity shares of face value of Rs 10 each of IWEL

Inox Green to handle operations, maintenance for 675 MWp solar projects

Inox Green on Wednesday said it has entered into an agreement to provide operations and maintenance (O&M) services for 675 MWp of solar projects of one of the country's leading renewable energy companies. This agreement marks Inox Green's entry into solar O&M -- a sector which is poised to increase multi-fold over the next decade, providing immense growth opportunities for the company, a company statement said. "We are thrilled to enter into this agreement with a marquee customer. With this, Inox Green has now forayed into solar O&M which offers large-scale growth opportunities for us in one of the fastest expanding industries. "We believe that with our expertise, credentials and relationships across customers in India, we will be able to rapidly grow our portfolio of assets under management," S K Mathu Sudhana, CEO of Inox Green, said. The projects are located at sites owned by the said company across multiple states, Inox Green said, without disclosing the name of the ...

Odisha govt allocates land to Inox Solar for solar cell manufacturing plant

INOXGFL Group on Tuesday said the Odisha government has allocated Inox Solar a land parcel to set up a cell module manufacturing plant in the state. The proposed 4.8-gigawatt (GW) solar cell and 4.8 GW solar module manufacturing plant will support India's renewable energy goals and bolster Odisha's industrial growth, INOXGFL Group said in a statement. Inox Solar, a subsidiary of Inox Clean, today announced the land allocation for a solar cell and solar module manufacturing plant in Dhenkanal, by the Odisha government, it said. Inox Clean is part of the INOXGFL Group. Earlier this year, INOXGFL Group had announced a Rs 4,000-crore investment through Inox Solar to establish a state-of-the-art solar cell and solar module manufacturing unit in Odisha. The High-Level Clearance Authority (HLCA)-approved project is expected to generate over 3,400 jobs, thereby driving investment, creating employment opportunities, and supporting Odisha's long-term economic development. Industry sources

Inox Wind Q3 result: Profit jumps to Rs 239 cr backed by revenues

Inox Wind Ltd (IWL) on Friday reported a multifold rise in consolidated profit after tax (PAT) to Rs 239 crore, backed by higher revenues. It had posted a Rs 33 crore PAT in the year-ago quarter, the company said in a statement. The company's consolidated revenues rose 96 per cent to Rs 994 crore from Rs 507 crore in the October-December period of 2023-24. IWL's order book stood at 3,286 MW at the end of the third quarter of the ongoing fiscal year, 28 per cent higher from 2,575 MW in the year-ago period. INOXGFL Group Executive Director Devansh Jain said "Q3 results firmly establish the enormous growth trajectory the company is on. We continue to capitalise on the large growth opportunities in the Indian market, and supplemented by our new ventures, our offerings now encompass the entire renewables ecosystem, opening up additional areas of businesses for Inox Wind and its subsidiaries." Part of USD 12-billion INOXGFL Group, IWL is India's leading wind energy solutions provider ..

Inox Wind secures 60 MW equipment supply order from Serentica Renewables

Inox Wind (IWL) on Wednesday said it has secured a 60 MW equipment supply order from Serentica Renewables. This order is for the supply of 3 MW class wind turbines. This order is to be delivered within H1 CY25 and it will be installed at the hybrid renewable energy project site being developed by Serentica Renewables in Karnataka, the company said in a statement. Additionally, IWL will provide multi-year post-commissioning Operations & Maintenance (O&M). The power generated from this project will be supplied to Serentica's partners, including the Vedanta Group. Kailash Tarachandani, Group CEO, Inox Wind said in the statement, "We are extremely pleased to establish our relationship with Serentica with this 60 MW equipment supply order. Akshay Hiranandani, CEO of Serentica Renewables, said, "Our collaboration with Inox Wind for this 60 MW wind project in Karnataka marks another significant milestone in our journey to deliver reliable and green energy to our partners, including .

Inox subsidiary bags Rs 40 cr order to restore wind turbine generators

Inox Green Energy Services on Tuesday said its subsidiary I-Fox Windtechnik India Pvt Ltd has bagged an order worth Rs 39.5 crore for restoration of 33 wind turbine generators (WTGs) of 1.5MW each from NLC India. The scope of the contract comprises supplies of materials/spares and other activities for the restoration of 33 WTGs within a period of eight months, with a revenue realisation of Rs 39.5 crore (inclusive of taxes) during the contract period, a company statement said. The order is for the restoration of 33 wind turbine generators (each 1.5 MW) of NLC India's wind power plant located at Tenkasi district in Tamil Nadu, the statement added. "We are delighted to receive another order from NLC India after securing the contract for comprehensive O&M of 51MW WTGs for 5 years during the last year," SK Mathu Sudhana, CEO of IGESL said in the statement. This is another important landmark in the growth journey of IGESL as well as of our subsidiary I-Fox Wind, and the company is ...

Inox Green Energy Services loss narrows to Rs 1.61 cr in March quarter

Inox Green Energy Services on Friday said its consolidated net loss narrowed to Rs 1.61 crore in the March 2023 quarter. The company had reported a consolidated net loss of Rs 1.96 crore in the quarter ended March 2022, a BSE filing showed. Its total income rose to Rs 73.33 crore in the March quarter from Rs 60.51 crore a year ago. The company's loss also narrowed in fiscal 2022-23 to Rs 20.36 crore from Rs 93.14 crore in 2021-22. The total income in the fiscal rose to Rs 294.17 crore from Rs 190.24 crore in 2021-22. The board also approved the increase in the authorised share capital of the company from the existing Rs 500 crore to Rs 600 crore by the creation of additional 10 crore equity shares of Rs 10 each and the consequent amendment to the Share Capital Clause of the Memorandum of Association of the Company.

Fusion Micro Fin makes dull debut, Inox Green IPO subscribed 1.55x & more

Fusion Micro Finance made a dull debut on November 15, despite a confident market sentiment

Kaynes Tech IPO subscribed 34x, Keystone receives 8% bid on Day 1 & more

Kaynes Tech reported a net profit of Rs 10.05 crore and net sales of Rs 199.27 crore in the three months ended on June 2022

Inox Renewables exits wind power business

Lowest bidder in wind auction to focus on manufacturing