Chennai: Inox Wind Ltd., an Indian wind turbine manufacturer, plans to raise 7 billion ($111 million) from a share sale as the nation seeks to quadruple renewable power installations.

Inox, a unit of Gujarat Fluorochemicals Ltd., will use the proceeds to double its manufacturing capacity and fund working capital needs and other corporate expenses, said Group Director Deepak Asher in a phone interview from New Delhi.

Prime Minister Narendra Modi has set a target of 60 gigawatts for wind installations by 2022.

“There is a lot of optimism in the Indian wind market" after the new government announced its target, said Shantanu Jaiswal, a New Delhi-based analyst at Bloomberg New Energy Finance. “Commissioning of wind projects in India will rise annually for the next few years, which makes it a good time for Inox to have an IPO."

The initial public offering will open March 18 and shares are priced at 315 to 325 each. Gujarat Fluorochemicals will raise 3.25 billion from a secondary sale, Asher said.

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