September 23, 2024
New Delhi, India
Inox Wind Limited
Inox Wind Limited has signed a significant finance facility agreement worth ₹2,200 crore with a consortium of banks led by ICICI Bank. This facility, which is primarily non-fund based (bank guarantees and letters of credit), reflects confidence in the company’s financial stability and robust operational performance.
Key Highlights:
- Finance Agreement:
Inox Wind secured a ₹2,200 crore finance facility through a consortium of banks led by ICICI Bank. The facility may be increased to ₹2,400 crore following further working capital assessments. - Non-Fund Based:
The facility is largely non-fund based, involving bank guarantees and letters of credit. - No Parent Company Support:
Notably, the finance deal was approved without the need for corporate guarantees or support from Gujarat Fluorochemicals Ltd (GFL), Inox Wind’s parent company.
Financial Confidence:
This arrangement marks a milestone for Inox Wind as it secures funding based on its financial strength, eliminating the need for prior guarantees or external support from GFL.
Akhil Jindal, Group CFO of INOXGFL Group, stated:
“The consortium arrangement reposes the confidence of the banking community in Inox Wind’s financial strength. This is the culmination of the last several quarters of efforts and is backed by the strong operational performance by the company and its robust outlook.”
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