Inox Green Energy plans IPO of Rs 740-cr in next 45 days
Inox Green Energy Services, an attachment of Inox Wind, is planning to come out with its original Public Offering (IPO) by October this time to raise Rs 740 crore to fund its expansion plans.
The company will concentrate on the Indian request originally and plans to tap the overseas request after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI. Speaking to journalists during a visit to its factory in Rajmol, Gujarat, and Tarachandani said the company is planning to launch its IPO” in the coming 30 to 45 days”.
This is Inox Green Energy Services’ alternate attempt to go public. In February, the company had filed the Draft Red Herring Prospectus (DRHP) for its proposed IPO with the requests controller Sebi. Still, the draft offer documents for the IPO were withdrawn in late April without telling any reason.
According to the rearmost DRHP filed on June 17, the Rs 740- crore IPO will comprise fresh allocation of equity shares worth Rs 370 crore and an offer- for- trade of equity stocks adding up to Rs 370 crore by protagonist Inox Wind. Evolving on the company’s business plans, Tarachandani said” There’s formerly enough occasion. India has been harmonious in the last many times and has a positive growth story. From that perspective, we’ve been relatively busy. I see that there itself is a huge eventuality.”
Asked about the company’s expansion plans, Tarachandani said,” I’m not ruling out the overseas request. There are new requests being developed whether it’s South East Asia, some part in Gulf and African countries. I would say those are a couple of times down the line, after we’ve established and reached a certain position within this country. “Inox Green Energy Services at present is witnessing a 30-40 per cent growth every time.” moment, for Inox Green Services, the volume is close to Rs160 crore and would touch Rs400-500 crore in the coming 3-4 times” the CEO said.
Inox Green Energy Services is engaged in the business of furnishing long- term operation and conservation (O&M) services for wind ranch systems, specifically for Wind Turbine creators (WTGs) and the common structure installations on the wind ranch, which support the evacuation of power from similar WTGs.
About Inox Green Energy Services
Inox Green Energy Services Limited was originally incorporated as a public limited company under the Companies Act, 1956 on 11th May, 2012 as Inox Wind Infrastructure Services Limited. The Company received a certificate of commencement of business on 14th June, 2012 from the Registrar of Companies, Gujarat, Dadra and Nagar Haveli. The name of the Company was changed to Inox Green Energy Services Limited with effect from 27th October, 2021.
The Company is a subsidiary of Inox Wind Limited and is a part of the INOXGFL Group which principally operates in the speciality chemicals and renewable energy sectors and has historical connections with the wider Inox Group which commenced operations in 1923. The Company is engaged in the business of providing Operation & Maintenance (O&M) services and common infrastructure facilities for Wind Turbine Generators.
Operations services are necessary for ensuring the prime functioning of wind farms and the associated power evacuation infrastructure. Our operations services consist of remote monitoring & control through supervisory control and data acquisition (SCADA), coordination with DISCOMs which covers timely reading of energy meter, in addition to other host of offerings. Furthermore, our operation services covers provision of Daily Generation Reports to our customers, implementation of Quality, Safety and Environment management systems for our own and outsourced staff in line with the latest ISO standards.
Maintenance service is a vital element and has a major contribution within the overall costs of maintaining a wind farm. The maintenance of WTGs is generally categorised into predictive and reactive maintenance. In reactive maintenance, repairs are undertaken once a component fails and often results in long downtimes for the affected WTG. In predictive maintenance, efforts are taken to detect potential component failures in advance so as to be able to resolve any issues early and minimize such downtime.
The Company focuses on predictive maintenance through the scheduling of regular inspections and maintenance (which are enhanced during peak wind seasons) as well as employing advanced tools such as wtSCADA to monitor the conditions of the WTGs and common infrastructure facilities in our portfolio to allow for early detection and resolution of issues.