Inox Wind Limited Expands with Four New Subsidiaries

Inox Wind Limited announced the creation of four new wholly-owned subsidiaries: Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri Wind Energy Private Limited, and Kadodiya Wind Energy Private Limited. Each entity has an authorised and paid-up capital of ₹1,00,000. None of these subsidiaries has commenced business operations, and thus, their turnover is nil.

The newly formed entities belong to the wind power industry. These wholly-owned subsidiaries have been created as particular purpose vehicle (SPV) companies to develop wind farms across various regions in India.

Details of Acquisition

The consideration for the acquisition is in cash. Inox Wind Limited’s initial investment in each wholly owned subsidiary is ₹1,00,000, divided into 10,000 equity shares at ₹10 each. Inox Wind Limited will hold 100% ownership in these subsidiaries.

These newly formed subsidiaries, incorporated in India and registered with the Registrar of Companies in Gujarat at Ahmedabad, were established on June 3, 2024 (for Junachay, Dharvi Kalan, and Dangri Wind Energy Private Limited) and June 5, 2024 (for Kadodiya Wind Energy Private Limited). They are in the wind power industry and have not started business operations.

Financial Highlights

In the last Q4 results, Inox Wind Ltd reported a consolidated profit of ₹36.72 crore for the March 2024 quarter, primarily due to increased income. This marks a turnaround from the net loss of ₹119.04 crore recorded in the January-March period of the previous fiscal year, as stated in the company’s exchange filing. During the fourth quarter of FY 2024, the company’s total income soared to ₹563.07 crore, up from ₹193.83 crore a year earlier.

About Inox Wind Limited

Inox Wind Limited, a member of the Inox Group, specialises in manufacturing Wind Turbine Generators (WTGs) and offers comprehensive wind energy solutions. The company serves Independent Power Producers (IPPs), utilities, public sector undertakings (PSUs), corporations, and retail investors. As a fully integrated participant in the wind energy sector, Inox Wind Limited provides complete turnkey solutions.

On June 10, 2024, Inox Wind share price opened at ₹153.00, touching the day’s high of ₹154.04 as of 11:54 AM on the NSE.

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