Inox Wind's EPC Projects arm Resco Global's board approves Rs 350 crore equity raise from marquee investors

Inox Wind Limited (IWL), India's leading wind energy solutions provider, announced today that the board of its subsidiary, Resco Global Wind Services Pvt. Ltd. (Resco Global), an EPC Projects company, has approved Rs 350 cr equity raise from marquee investors for a single digit stake. The funds will be utilized to scale up the business offerings and capitalize on the large-scale opportunities in the Indian wind sector.

Resco Global is amongst the top 2 wind EPC service providers in India with a strong operational track record of > 14 years. The company offers end-to-end services for wind projects right from conceptualization stage up to project commissioning, as well as the construction of transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis. Resco Global provides its services across India with a very strong presence in Western India. It is developing common infrastructure on multi-gigawatt scale at sites across the country, to be utilized for future renewable projects.

Expanding offerings under EPC, the company is venturing into crane services and unlocking new revenue streams through hybridization of its power evacuation assets. The latest renewable energy policies of multiple states allow hybridization of existing as well as future transmission assets, providing incremental revenues to asset owners including Resco Global. Inox Wind's large and well diversified orderbook of ~ 3 GW, with a healthy order inflow pipeline, provides strong revenue visibility for Resco Global.

Commenting on the occasion, Mr. Devansh Jain, Executive Director, INOXGFL Group, remarked, "With Inox Wind successfully turning around, we have been constantly looking to add value across all our businesses, capitalizing on the superlative opportunities which India's exciting wind sector beholds. The well-timed fund raising in Resco Global will help the company expedite its execution scale up and expand offerings. We believe that this is another major step towards ensuring that all our companies are well positioned to deliver superlative growth going ahead. We thank all our investors for their faith and commitment in our growth story."

Mr. Kailash Tarachandani, Group CEO, Inox Wind (Resco Global's parent company), said, "Resco Global has a strong moat with large scale plug-and-play project site infrastructure offerings for developers, which reduces turnkey execution timelines. Given India's large renewable capacity targets, we believe that there will be huge traction in demand for wind EPC projects over the next several years for Resco Global, which has strong credentials in developing large scale wind projects, which require specialised engineering and project management skills. The fund raising has been done at an opportune time as Resco Global is substantially ramping up execution and taking new orders."

Shares of Inox Wind Limited was last trading in BSE at Rs. 221.30 as compared to the previous close of Rs. 219.95. The total number of shares traded during the day was 921401 in over 10922 trades.

The stock hit an intraday high of Rs. 223.50 and intraday low of 212.20. The net turnover during the day was Rs. 200891795.00.

Source : Equity Bulls

Keywords

InoxWind INE066P01011 RescoGlobalWindServices FundRaising