Inox Green signs term sheet to divest 100% stake in Nani Virani SPV

Inox Green Energy Services (IGESL), India's leading wind power operations and maintenance ("O&M") service provider, has signed a term sheet for divestment of 100% stake in Nani Virani Wind Energy Private Limited SPV. The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May'23.

The divestment is part of the strategic decision taken by the company to become net debt-free, further enabling IGESL to become an asset-light annuity O&M business. Consequently, this will also aid in paring debt on IGESL's parent company Inox Wind's consolidated balance sheet.

The transaction will consummate post customary regulatory and banking approvals, including Board and shareholders' approvals.

S K Mathusudhana, CEO of IGESL, remarked 'We are pleased to announce a significant milestone in the journey of IGESL. We had set ourselves a target to be net debt-free by the end of FY24 and with this transaction we will achieve this goal. IGESL is on a massive growth journey with focus on continuously improving its performance and profitability.'

Shares of Inox Green Energy Services Limited was last trading in BSE at Rs. 66.01 as compared to the previous close of Rs. 63.66. The total number of shares traded during the day was 197094 in over 1671 trades.

The stock hit an intraday high of Rs. 66.50 and intraday low of 63.88. The net turnover during the day was Rs. 12929620.00.

Source : Equity Bulls

Keywords

InoxGreenEnergyServices INE510W01014 Utilities TermSheet StakeSale NaniViraniWindEnergy SPV