Inox Wind Incorporates Four Subsidiaries to Bolster Wind Farm Development Across India
Noida-based Inox Wind Ltd, a prominent wind turbine manufacturer, has expanded its capabilities by incorporating four wholly-owned subsidiaries, according to a company filing dated June 8. These subsidiaries, namely Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri Wind Energy Private Limited, and Kadodiya Wind Energy Private Limited, are established as special purpose vehicle (SPV) companies aimed at developing wind farms in various parts of India. Each of the new entities has a paid-up capital of Rs 1,00,000 and will operate within the wind power sector, marking a strategic move to enhance Inox Wind's footprint in the renewable energy landscape.
As a subsidiary of the INOX Group, Inox Wind Ltd specializes in manufacturing wind turbine generators (WTGs) and provides comprehensive services including wind resource evaluation, site acquisition, infrastructure development, construction, commissioning, and long-term operations and maintenance for wind power projects. The company ranked 167th on Business Today's 2015 list of India's 500 most valuable companies, underscoring its significance in the industry.
This expansion comes on the heels of a notable financial performance by Inox Wind Ltd in the March quarter of 2024. The company reported a consolidated profit of Rs 36.72 crore, a stark contrast to the net loss of Rs 119.04 crore in the same quarter of the previous fiscal year. This improvement is attributed to the successful transition from 2 MW WTGs to 3 MW WTGs, a milestone highlighted by CEO Kailash Tarachandani. He stated that the enhanced EBITDA run rate in Q4 and a significant reduction in debt position the company favorably for FY25, with expectations to become net debt-free within the first half of the financial year.
Inox Wind's total income for FY24 surged to Rs 563.03 crore from Rs 193.83 crore in FY23, reflecting robust growth. A notable achievement in the recent quarter was securing the largest single wind project order of 1,500 MW from power utility CESC Limited. Additionally, Inox Wind has entered into an agreement to launch 4.X megawatt wind turbines in India, further solidifying its market position and technological advancement.
With a strong order book of approximately 2.7 GW, Inox Wind is poised for significant growth in order execution and profitability from FY25 onwards. The strategic incorporation of new subsidiaries is expected to support this growth trajectory by expanding the company’s wind farm development capabilities across the nation.
