Inox Wind Ltd., a leading wind energy solutions provider announced that its subsidiary, Resco Global Wind Services Pvt; Ltd., an EPC Projects company, approved raising ₹350 crore by selling a single-digit equity stake to marquee investors.

The funds raised will be utilised to scale-up the business offerings and capitalise on the large-scale opportunities in the Indian Wind sector.

Resco Global is among the top two Wind EPC service providers in the country. It plans to expand its offerings and revenue streams by venturing into crane services and hybridisation of its power evacuation assets.

Inox Wind also said that its well diversified order book of nearly 3 GW, coupled with a healthy order inflow pipeline, provides strong revenue visibility for Resco Global.

"The well-timed fund raising in Resco Global will help the company expedite its execution scale up and expand offerings. We believe that this is another major step towards ensuring that all our companies are well positioned to deliver superlative growth going ahead," said Devansh Jain, Executive Director of INOXGFL Group.

Inox Wind Group CEO Kailash Tarachandani also said that the fund raising is being done at an opportune time as Resco Global is ramping up execution and taking in new orders as well.

Shares of Inox Wind are currently trading 1.4% lower at ₹217.93. The stock though, has risen 66% so far in 2024 and has gained more than 3x or 324% in the last 12 months.

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First Published : 10:27:39 AM IST (Published)