Inox Wind Secures Rs 2,200 Crore Financing from ICICI Bank-led Consortium

Inox Wind has secured a Rs 2,200 crore financing agreement with a consortium led by ICICI Bank. The limit may be increased to Rs 2,400 crore based on working capital assessments. The financing, largely non-fund based, underscores the financial strength of IWL without needing corporate guarantees from Gujarat Fluorochemicals Ltd.

Inox Wind, a wind energy solutions provider, announced on Monday it had signed a financing agreement with a consortium led by ICICI Bank worth Rs 2,200 crore.

The financial facility could be increased to Rs 2,400 crore, reflecting the working capital needs as assessed by ICICI Bank. The consortium's limits are primarily non-fund based, including bank guarantees and letters of credit.

This arrangement signifies the banking community's trust in Inox Wind's financial health, achieved without corporate guarantees from Gujarat Fluorochemicals Ltd. The company's robust operational performance and promising outlook reinforced the deal, according to Group CFO Akhil Jindal.

(With inputs from agencies.)