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Inox Green Energy Services (IGESL) announced that the Inox GFL group has recently embarked on a journey towards deleveraging across all its operating entities. Towards this goal, the group has been on a significant fund raise spree, raising almost Rs. 1500 crore across its entities in the last fortnight. This money has been used to pare down debt substantially across its operating companies and consequently the interest outgo will reduce substantially.
At the renewable energy arm Rs. 740 crore was recently raised through an IPO of IGESL and the funds raised have been majorly utilized towards debt repayment.
Further, the promoters have recently raised Rs. 720 crore through sale of shares of Gujarat Fluorochemicals (GFL). The sale proceeds, net of expenses and taxes, have been infused in Inox Wind (IWL). In turn IWL has repaid the advances it took from GFL to set up wind energy capacities. GFL had given advances to IWL for setting up the wind power capacity which is being refunded by IWL to GFL owing to the current policies limiting captive usage of Wind Power.
All the operating entities of the Inox GFL Group are now firmly placed and making conscious efforts to further reduce their debt burden, interest outflow and consequently enhance profitability significantly.
The Inox GFL Group endeavors to become a zero net debt Group going forward.
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