New Delhi
Inox Wind Ltd, a manufacturer of wind turbines, has incorporated four wholly-owned subsidiaries to develop wind farms across India. This was reported by the company on June 8. These subsidiaries, named Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri Wind Energy Private Limited, and Kadodiya Wind Energy Private Limited, have been established as special purpose vehicle companies.
The company stated that each of these new entities has a paid-up capital of Rs 1,00,000 and will begin operations in the wind power industry. Inox Wind Ltd, based in Noida, is a subsidiary of the INOX Group. It manufactures wind turbine generators and provides services such as wind resource evaluation, site acquisition, infrastructure development, construction, commissioning, long-term operations, and maintenance for wind power projects.
Inox Wind Ltd recently reported a consolidated profit of Rs 36.72 crore for the March quarter of the current year, showing an increase in income. This is a significant improvement from the net loss of Rs 119.04 crore reported in the same quarter of the previous fiscal year.
Kailash Tarachandani, CEO of Inox Wind, commented that the company successfully transitioned to 3 MW WTG supplies from 2 MW WTGs during this quarter. The company’s total income for the financial year 2024 increased to Rs 563.03 crore from Rs 193.83 crore the previous year. Debt levels have been significantly reduced, and the company expects to be net debt-free within the first half of FY25.
Inox Wind Ltd secured a major wind project order of 1,500 MW from power utility CESC Limited and signed an agreement to launch 4.X megawatt wind turbines in India.
