Inox Wind: CARE upgrades short-term facilities to highest rating

Inox Wind Limited (IWL), India’s leading wind energy solutions provider, announced that CARE Ratings has upgraded its short-term banking facilities to the highest rating of ‘CARE A1+’, reflecting the company’s strong financial position and operational performance. The long-term bank facilities have also been upgraded to ‘CARE A+ / Stable’.

Key Highlights:

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  1. Short-Term Facilities:
    • Rating: Upgraded from CARE A1 to CARE A1+.
    • Usage: Primarily utilized for letters of credit and bank guarantees.
  2. Long-Term Facilities:
    • Rating: Upgraded from CARE A / Stable to CARE A+ / Stable.
    • Usage: Rarely utilized for cash management as the company maintains a net cash-positive balance sheet.
  3. Operational Growth:
    • CARE’s rating upgrade aligns with IWL’s improved business risk profile, supported by a robust order book of approximately 3.5 GW.
    • Expansion is driven by the growing demand for renewable energy in India, with massive capacity additions expected over the next decade.

About Inox Wind:

IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants across Gujarat, Himachal Pradesh, and Madhya Pradesh. The company’s manufacturing capacity stands at ~2.5 GW annually. As part of the $12 billion INOXGFL Group, IWL provides end-to-end solutions in wind energy, from manufacturing to operations and maintenance (O&M).