Inox Green Energy Services said on Monday it will divest 100% stake in Gujarat- based Nani Virani Wind Energy Private Ltd, a 50 megawatt operational wind farm.

“Inox Green Energy Services (IGESL) has signed a term sheet for divestment of 100 per cent stake in Nani Virani Wind Energy Private Limited SPV," IGESL's parent firm Inox Wind Limited (IWL) said in a regulatory filing. “This transaction has significant beneficial impact on both Inox Wind and IGESL. While IGESL achieves its target to become net debt-free, Inox Wind’s balance sheet will deleverage substantially, reinforcing the company’s financial strength. We remain focused and committed on strengthening Inox Wind’s performance on all fronts and improve our profitability as we proceed on our exciting journey ahead," Kailash Tarachandani, CEO of Inox Wind said in the filing. The transaction will be complete post customary regulatory and banking approvals, including that of board and shareholders. On August 17, Inox Wind had said its promoter and promoter group entities have infused 500 crore in the company for debt repayment. “Inox Wind announced the infusion of 500 crores (before taxes and other charges) by its promoter and promoter group entities," it had said. The funds were raised by way of equity share sale of Inox Wind by its promoter and promoter group entities through block deals on the stock exchanges. Kailash Tarachandani, CEO of Inox Wind, had said: “the recent fundraising initiative led by IWL's promoters and the subsequent capital infusion significantly reinforces our financial strength and empowers us with enhanced flexibility for future growth endeavours." Inox Wind Limited, a part of the $5 billion INOXGFL Group, is India's leading wind energy solutions provider servicing independent power producers, utilities, public sector units and corporate investors. The INOXGFL Group has a legacy of over nine decades and is primarily focused on two business verticals - chemicals and renewable energy. "Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights!"