Inox Wind Limited (IWL), a leading wind energy solutions provider in India, has announced the signing of a consortium agreement with a group of 10 banks, led by ICICI Bank. The agreement provides financial limits of approximately ₹2,200 crore, with potential to increase to ₹2,400 crore based on the working capital assessment by ICICI Bank.
The facilities extended by the consortium are largely non-fund based, including bank guarantees (BGs) and letters of credit (LCs). The limits have been sanctioned based on the financial strength of IWL’s balance sheet without requiring corporate guarantees or support from its parent company, Gujarat Fluorochemicals Ltd. (GFL). Previous corporate guarantees extended by GFL to IWL will be vacated soon, signaling the company’s improved financial position.
Mr. Akhil Jindal, Group CFO of the INOXGFL Group, highlighted that the agreement reflects the banking community’s confidence in Inox Wind’s financial stability. He noted the company’s strong operational performance and successful efforts to honor all commitments without causing any losses to banks or financial institutions.
Inox Wind continues to be a leading player in India’s wind energy sector, serving IPPs, utilities, PSUs, and corporate investors. The company’s manufacturing capacity stands at 2.5 GW annually, with facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh.
