Inox Wind Limited (IWL), a wind energy solutions provider, has announced its entry into a consortium agreement with a group of 10 banks, headed by ICICI Bank. This agreement offers credit facilities amounting to approximately Rs 2,200 crore, with the possibility of increasing to Rs 2,400 crore following a working capital evaluation by ICICI Bank.

After the announcement, Inox Wind's shares rose by 5.16%, closing at Rs 253.90 on the Bombay Stock Exchange (BSE). The credit facilities mainly consist of non-fund-based limits, including bank guarantees (BGs) and letters of credit (LCs), and are supported by IWL's robust balance sheet. Importantly, the agreement does not require corporate guarantees or additional financial support from its parent company, Gujarat Fluorochemicals Ltd. (GFL).

Consequently, any previous corporate guarantees from GFL for IWL will be lifted in the near future. IWL also noted that its recent successful fundraising activities have resulted in a net cash-positive balance sheet, strengthening its financial position.

Akhil Jindal, Group CFO of the INOXGFL Group, stated, “This consortium agreement reflects the banking sector's confidence in IWL’s financial stability, driven by our strong operational performance and positive outlook”.