Inox Green Energy Services sold its entire investment in units to Adani Green Energy
The stock logged gains of over 2.5 per cent on Monday and thereby, outperforming the broader markets.
Inox Wind is India’s leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. The stock logged gains of over 2.5 per cent on Monday and thereby, outperforming the broader markets.
The company has post market has made a very interesting announcement. It has informed that the Company's subsidiary, Inox Green Energy Services Limited (IGESL) has sold its entire investment held in its wholly owned subsidiaries, wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (WFRL) representing 100 per cent of paid-up capital of each of the companies to Adani Green Energy Limited, a part of Adani Group.
WORL, WTRL and WFRL had commissioned 50 MW each, out of the total 250 MW which IGESL had successfully won under the Tranche 1 of Solar Energy Corporation of India Limited's (SECI -1) bids for wind power projects at Dayapar, Gujarat connected on the central grid at affixed tariff of Rs. 3.46 unit for 25 years for sale to PTC India.
Post the transfer of shares, WORL, WTRL and WFRL have ceased to be subsidiaries of IGESL and in turn step down subsidiaries of the Company w.e.f. October 07, 2022.
The stock of Inox Wind is trading close to its 52-week high and it is above all the short and long-term moving averages.