The wind energy solutions provider Inox Wind said its promoter and promoter group have pumped Rs 500 crore into the company for debt repayment. Inox Wind is a part of the $5 billion INOX GFL Group.

According to the company, the funds were raised by the equity sale of Inox Wind by its promoters through a block deal on the stock exchange.

The company said that the funds would be used to repay its existing debt and mark a significant financial sustainability milestone.

Kailash Tarachandani, the CEO of Inox Wind, said, “The recent fundraising initiative led by Inox Wind’s promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours. The unwavering commitment, which our long-term investors have shown in Inox Wind, stands as a testament to their trust and confidence in the company.”

INOX GFL Group has a legacy of over 9 decades and mainly focuses on its chemicals and renewable energy vertices.

The company manufactures and sells Wind Turbine Generators and Erection, Procurement & Commissioning services. The company even provides additional services like operation and maintenance, wind farm development, and infrastructure facilities for its wind turbine generators through its subsidiary, Inox Green.

Currently, Inox Wind has four manufacturing units in Gujarat, Madhya Pradesh, and Himachal Pradesh.

At 3:30 pm, the shares of Inox Wind closed at Rs 193.50 or 2.49% below its previous close of Rs 198.45 on NSE.