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The Inox group has hived its wind farming business to Leap Green Energy for an undisclosed amount, according to a filing in the bourses.
A statement from Gujarat Flurochemicals, the parent company of Inox Renewables Ltd, said that the Inox group has operating wind farms in Rajasthan, Maharashtra, Madhya Pradesh and Tamil Nadu with a total capacity of 260 MW.
Director and Group Head (Corporate Finance) Deepak Asher of the Inox Group said: “Inox group decided to exit the wind farming business and focus on its core business, including that of wind turbine manufacturing. The transaction will decrease the leverage of GFL at a consolidated level by reducing debt of around ₹800 crore that was attributable to the wind farming business.”
The promoter of Leap Green Energy said that the acquisition will help increase the company’s operating capacity to 762 MW across four States.
The company is gearing to scale its total capacity to 2000 MW by 2019.
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