Inox Wind Limited (IWL) has sold a stake worth Rs 1.75 billion in its engineering, procurement and construction subsidiary, Inox Renewable Solutions Limited to investors at a valuation of Rs 74 billion.
The transaction follows the approval by the National Company Law Tribunal (Chandigarh bench) for the merger of Inox Wind Energy Limited. The merger has strengthened the company’s balance sheet by reducing liabilities by about Rs 20.50 billion.