Inox Wind Soars with Highest Banking Facility Ratings

Inox Wind Ltd (IWL) has received an upgrade from Care Ratings for its banking facilities, highlighting its strong financial position. The improved rating reflects IWL's robust business growth, especially in executing a substantial order book of 3.5 GW, aligning with India's renewable energy expansion goals.

Inox Wind Ltd (IWL), a prominent wind energy solutions provider, announced on Monday that Care Ratings has upgraded its banking facility ratings. The company has now received a 'CARE A1+' rating for its short-term bank facilities, up from 'CARE A1', demonstrating a strengthened financial position.

This upgrade acknowledges the effective utilization of banking tools such as Letters of Credit and Bank Guarantees alongside IWL's net cash-positive status. Long-term banking facilities have similarly improved, moving to 'CARE A+ / Stable' from 'CARE A/Stable', showcasing the company's strategic fiscal management.

As India's renewable energy ambitions grow, IWL's expanding business and a 3.5 GW robust order book position it as a key player in this sector. Part of the INOXGFL Group, IWL operates with cutting-edge manufacturing plants across Gujarat, Himachal Pradesh, and Madhya Pradesh, enhancing its competitive advantage in renewable energy production.

(With inputs from agencies.)