Inox Green Energy Services, a subsidiary of Inox Wind, is planning to launch its initial public offering (IPO) by October this year. 740 crores for its expansion plans.
Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani said the company will initially focus on the Indian market and plans to tap the overseas market after establishing itself in this country.
Talking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning to launch its IPO in the next 30 to 45 days.
This is the second attempt for INOX Green Energy Services to go public. In February, the company had filed a draft red herring prospectus (DRHP) for its proposed IPO with markets regulator SEBI.
However, the draft offer documents for the IPO were withdrawn at the end of April without assigning any reason.
As per the latest DRHP filed on 17th June, 740 crore IPO will include fresh issue of equity shares 370 crore and offer for sale of equity shares aggregating to Rs. 370 crores by promoter Inox Wind.
Elaborating on the company’s business plans, Tarachandani said: “There is already ample opportunity. India has been consistent over the years and has a positive growth story. From that perspective, we have been quite busy. . I see that there is a huge potential.”
When asked about the company’s expansion plans, Tarachandani said, “I am not ruling out overseas market. New markets are being developed be it Southeast Asia, Gulf and African countries with some share. I would say they are (the focus areas will be) established and reaching a certain level within this country, a few years down the line.”
Presently INOX Green Energy Services is witnessing 30-40 per cent growth every year. “Today, for Inox Green Services, volumes close 160 crores will touch more 400-500 crore in the next 3-4 years,” said the CEO.
Inox Green Energy Services is engaged in the business of providing Long Term Operation and Maintenance (O&M) services for wind farm projects, in particular Wind Turbine Generators (WTGs) and general infrastructure facilities on wind farms, which Supports power out. From such WTG.
This story has been published without modification in text from a wire agency feed.
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