Inox Wind signs Rs 22 Bn consortium agreement led by ICICI Bank

Wind energy solutions provider Inox Wind Limited (IWL) has entered into a consortium agreement with a group of 10 banks, led by , the company announced.

The agreement provides credit facilities worth approximately Rs 22 billion, with the possibility of increasing this to Rs 24 billion based on a working capital assessment conducted by ICICI Bank.

Shares of Inox Wind closed in the green with a rise of 5.16 per cent, at Rs 253.90 apiece on BSE. The company also said that these limits are mainly non-fund based, including bank guarantees (BGs) and letters of credit (LCs). The facilities have been granted against IWL's balance sheet, without requiring corporate guarantees or additional financial support from its parent, Gujarat Fluorochemicals Ltd. (GFL).

This agreement will terminate, for the foreseeable future, any previous corporate guarantees or financial support that GFL has provided to IWL.

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