Inox Wind Limited (IWL), a leading wind energy solutions provider in India, has signed a consortium agreement with a group of 10 banks for facilities worth approximately ₹2,200 crore. The consortium, led by ICICI Bank, includes several private and foreign banks. The agreement, announced today, is primarily for non-fund-based limits such as bank guarantees and letters of credit.
The shares of Inox Wind Limited (IWL) were trading at ₹255.76 up by ₹1.42 or 0.56 per cent on the NSE today at 10.11 am.
The facilities have been sanctioned without recourse and without corporate guarantees from group companies, reflecting the banking community’s confidence in IWL’s financial strength. This arrangement will lead to the vacation of any prior corporate guarantees or support extended to IWL by Gujarat Fluorochemicals Ltd.
IWL, part of the $12 billion INOXGFL Group, is a fully integrated player in the wind energy market with manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh. The company’s recent fund raises and operational ramp-up have contributed to its net cash positive balance sheet, paving the way for this significant financial arrangement.