Fri. Mar 29th, 2024
Inox Green Energy Services Planning To Come Up With Rs 740 Cr IPO In Next 35-40 Days: CEOFreepik

A subsidiary of Inox Wind—Inox Green Energy Services– is planning to launch Rs 740 crore Initial Public Offering (IPO) by October this year to fund its expansion plans.

The company’s first focus would be on the Indian market, later expanding to overseas markets after setting up in this country, reported PTI quoting Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani.

According to CNBC-TV18, the market regulator Sebi has permitted the launching Rs 740 crore IPO. During a visit to its plant in Rajmol, Gujarat, Tarachandani told reporters the company is working on coming up with an IPO “in the next 30 to 45 days”.

Inox Green Energy Services had filed the Draft Red Herring Prospectus (DRHP) for the maiden issue with SEBI for the first time in February. Later in April, it bowed out without disclosing any reason.

Again it filed DRHP on June 17 for a Rs 740-crore IPO consisting of fresh issuance of equity shares equating to Rs 370 crore and an offer-for-sale of equity stocks worth Rs 370 crore by promoter Inox Wind.

On the company’s business plan, Tarachandani said: “There is already enough opportunity. India has been consistent in the last few years and has a positive growth story. From that perspective, we have been quite busy. I see that there itself is a huge potential.”

On the company’s expansion plans, Tarachandani said, “I am not ruling out the overseas market. There are new markets being developed whether it’s South East Asia, some parts of Gulf and African countries. I would say those are (will be focus areas) a couple of years down the line after we have established and reached a certain level within this country.”

Inox Green Energy Services is viewing a 30-40 percent growth every year. “Today, for Inox Green Services, the volume is close to Rs 160 crore and would touch Rs 400-500 crore in the next 3-4 years,” the CEO said.
About: INOX GREEN ENERGY SERVICES Limited (INOX Green)

It is a big wind power operation and maintenance (“O&M”) service provider in India. INOX Green provides long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs.

(With Inputs From PTI)

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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