NEW DELHI, Sept 2: Inox Wind on Monday said its EPC projects arm Resco Global’s board has approved a Rs 350 crore equity raise from marquee investors.
The funds will be utilised to scale up the business offerings and capitalise on the large-scale opportunities in the Indian wind sector, a company statement said.
According to the statement, Inox Wind Ltd (IWL), India’s leading wind energy solutions provider, announced on Monday that the board of its subsidiary, Resco Global Wind Services Pvt Ltd (Resco Global), an EPC projects company, has approved Rs 350 cr equity raise from marquee investors for a single-digit stake.
Resco Global is amongst the top 2 wind EPC service providers in India with a strong operational track record of >14 years.
The company offers end-to-end services for wind projects right from conceptualisation stage up to project commissioning, as well as the construction of transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis.
Resco Global provides its services across India with a very strong presence in western India.
INOXGFL Group Executive Director Devansh Jain said, “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. We thank all our investors for their faith and commitment in our growth story.”
Inox Wind Group CEO Kailash Tarachandani said, “The fund raising has been done at an opportune time as Resco Global is substantially ramping up execution and taking new orders.” (PTI)
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