Indian turbine producer Inox Wind has incorporated four subsidiaries to expand its capabilities in wind power across the country.
Inox Wind Limited, a subsidiary of Noida-based Inox Group, known for manufacturing wind turbines, has taken full control of its expansion. As per its filing on Saturday, the company has created four new subsidiaries, fully owned by Inox Wind Limited. This move aligns with the company’s vision to enhance wind farm development nationwide, furthering India’s renewable energy goals.
The company stated that the subsidiaries have been set up as special purpose vehicle (SPV) companies. The four new affiliates are Junachay Wind Energy Private Limited, Dharvi Kalan Wind Energy Private Limited, Dangri Wind Energy Private Limited, and Kadodiya Wind Energy Private Limited.
Each of these four new offshoots, as the company has informed the Economic Times, has a paid-up capital of Rs 1,00,000, which is approximately 1198 USD. This financial backing sets the stage for their business activities, all of which will be focused on the wind power sector.
Recently, the company disclosed a consolidated profit of Rs 36.72 crore for the March quarter of the present year, marking a rise in its earnings. In contrast, as per its filing, it had reported a net loss of Rs 119.04 crore in the January-March quarter of the previous fiscal year.
Kailash Tarachandani, Inox Wind’s CEO, noted Q4 as a milestone. They shifted to manufacturing 3 MW Wind Turbine Generators (WTGs) from 2 MW. Q4’s EBITDA run rate sets a strong FY25 base. According to his statement, debt levels dropped significantly, aiming for net debt-free status by H1 FY25. Their order book, now at ~2.7 GW, reflects positive macroeconomic trends. Initiatives like operational scaling and balance sheet strengthening are in place. Expectations include increased order execution and robust profitability growth from FY25 onwards.
The company, headquartered in Noida, is a subsidiary of the INOX Group. It manufactures wind turbine generators (WTGs) and provides a range of services, including wind resource assessment, site procurement, infrastructure establishment, project construction and initiation, and ongoing operations and maintenance for wind power projects.
In the financial year 2024, Inox Wind’s overall income surged to Rs 563.03 crore from Rs 193.83 crore in the previous year. It clinched its largest wind project order of 1,500 MW from power utility CESC Limited in the quarter. Additionally, the company inked an agreement for introducing 4.X megawatt wind turbines in India.
