Inox Wind Limited Incorporates a Wholly-Owned Subsidiary for Wind Farm Development

On June 27, 2024, Inox Wind Limited announced via a stock exchange filing the incorporation of a wholly-owned subsidiary named Pokhran Wind Energy Private Limited.

Pokhran Wind Energy Private Limited operates within the wind power industry and has been established as a special purpose vehicle (SPV). This aligns with Inox Wind Limited’s primary business activities. No governmental or regulatory approvals are required for this acquisition.

This acquisition does not involve any related party transactions, and neither the promoter nor the promoter group or group companies have any interest in the entity, ensuring that the transaction is conducted at arm’s length.

Objective of Acquisition

This subsidiary’s primary objective is to develop wind farms in India that align with Inox Wind Limited’s core business activities.

Details of the Acquisition

The initial subscription by Inox Wind Limited in its wholly-owned subsidiary, Pokhran Wind Energy Private Limited, amounts to ₹1,00,000, divided into 10,000 equity shares of ₹10 each. As a result, Inox Wind Limited holds 100% ownership and control of this new subsidiary. Inox Wind Limited acquired Pokhran Wind Energy Private Limited through cash consideration.

About Pokhran Wind Energy Private Limited

Pokhran Wind Energy Private Limited is incorporated in India and registered with the Registrar of Companies, Gujarat, in Ahmedabad. It has been incorporated as a wholly-owned subsidiary of Inox Wind Limited. The entity, which has an authorised and paid-up capital of ₹1,00,000, has not yet commenced business operations and thus has no turnover.

About Inox Wind Limited

Incorporated in 2009, Inox Wind Ltd. is a prominent Indian provider of wind energy solutions. The company offers comprehensive services in the wind energy sector, encompassing wind farm development, manufacturing, sales, and maintenance of wind turbines. Inox Wind Ltd. operates through two main divisions: Wind Energy Solutions and Wind Turbine Manufacturing. The Wind Energy Solutions division offers complete services for wind farm development, while the Wind Turbine Manufacturing division focuses on producing high-quality wind turbines.

On June 28, 2024, the share price of Inox Wind Limited opened at ₹140.13, touching the day’s high at ₹142.90, as of 12:26 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.