Inox Wind prepares for USD-167m Indian IPO - report

Jul 7, 2014 - Indian wind turbine maker Inox Wind Ltd is awaiting regulatory clearance for a planned initial public offering (IPO) at home, the goal of which is to raise some INR 10 billion (USD 167m/EUR 123m), according to a director.

The unit of Gujarat Fluorochemicals Ltd (BOM:500173), which in turn is part of the family-owned Inox Group, is likely to get the required nod soon and may implement the listing this fiscal year, Devansh Jain told the Press Trust of India (PTI) in an interview published today.

Inox Wind will sell just a minority stake of an undisclosed amount as part of the IPO. The firm plans to spend some of the proceeds on expanding capacity, raising land bank and improving power evacuation infrastructure. It will use the rest of the funds for working capital and other general corporate purposes, Jain informed the PTI.

At present, Inox Wind has 800 MW of capacity for hub and a further 600 MW for turbines. Jaine has noted the company will boost turbine capacity to 800 MW and will consider demand and orders when deciding whether to do so for other components as well.

The firm’s current order book amounts to 700 MW. The goal is to execute 500 MW of orders, Jain has said, adding that this would boost the company’s revenue to INR 30 billion in the fiscal year ending March 2015.

(INR 10 = USD 0.167/EUR 0.123)

Choose your newsletter by Renewables Now. Join for free!