Inox Wind to raise Rs7 billion to double capacity in India
Proceeds will be used to double manufacturing capacity and fund working capital needs, other expenses
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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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