Inox Wind Limited (IWL), part of the INOX Group, is an integrated wind energy solutions provider and a pure-play renewable energy company with worth USD 8 billion as on 31 March 2023. It is amongst the fastest growing and one of the leading wind power solution providers in India. The Company was incorporated on April 09, 2009 and is engaged in the business of manufacture and sale of Wind Turbine Generators (WTGs) and also provides Erection, Procurement & Commissioning (EPC), Operations & Maintenance (O&M), wind farm development and Common Infrastructure Facilities services for WTGs and wind farm development services.
The Company is a fully integrated wind energy player providing end-to-end turnkey solutions to customers from conception to commissioning to O&M. It has 4 state-of-the-art manufacturing plants at Rohika in Gujarat, Una in Himachal Pradesh and Barwani in Madhya Pradesh. The total manufacturing capacity is 1,600 MW of wind turbines spread across these three plants. The plants in Gujarat and Madhya Pradesh manufacture Blades & Tubular Towers, while Hubs & Nacelles are manufactured at the company's facility at Himachal Pradesh. The facility at Rohika currently has the capacity to manufacture 800 MW rotor blade sets and 300 MW towers per annum. The Barwani facility at Madhya Pradesh has the capacity to manufacture 800 MW rotor blade sets and 300 MW towers per annum. The Una facility can manufacture 1,100 MW Nacelles and Hubs.
The Company has obtained ISO 9001:2008, ISO 14001:2004, OHSAS 18001 and ISO 3834 certification for management systems, pertaining to manufacturing, installation, the commissioning and O&M of wind turbines.
The Company's capability to provide turnkey solutions to its customers makes it a preferred partner to wind farm developers and IPPs. The company has a state-of-the- art technology licensed from AMSC, a leading wind energy technology company, for exclusive manufacturing of 2 MW WTGs in India. It offers turnkey wind power solutions to its clients, which provides it with a competitive edge in the marketplace and is a key to its wind value chain.
Inox Wind's Initial Public Offer (IPO) opened for subscription on 18 March 2015 and closed on 20 March, 2015, for the total size of 3,19,18,226 Equity Shares of face value of Rs 10 each, comprising of a fresh issue to the public of 2,19,18,226 Equity Shares and an Offer for Sale of 1,00,00,000 Equity Shares by Gujarat Fluorochemicals Limited, the Promoter Company. The shares were issued at a premium of Rs 315 per share. The IPO was oversubscribed by 18.57 times. The company's shares were listed on the bourses on 9 April 2015.
During the financial year ended 31 March 2016, Inox Wind maintained momentum in the tender market, with orders bagged from IOCL, PTC India and GIPCL. During the year under review, the company signed an agreement with its technology partner AMSC to collaborate on development of 3 MW turbine in India. Simultaneously, Inox Wind signed another contract which secures it perpetual and exclusive rights from AMSC to manufacture 2 MW Electronic Control Systems in India. During the year under review, the company successfully launched high performance WTGs with 113 metre rotor diameter. During the year under review, the company commissioned a new manufacturing facility in Madhya Pradesh.
During the financial year ended 31 March 2017, Inox Wind expanded its presence in Andhra Pradesh, Karnataka and Kerala. Solar Energy Corporation of India (SECI) concluded the first auction of 1,050 MW in February 2017, in which Inox Wind won 300 MW (29% market share).
During the financial year ended 31 March 2018, Gujarat Fluorochemicals Limited, the Promoter of the Company and other Promoter Group entities, made an Offer for Sale ('OFS') through stock exchange mechanism and disinvested 2,35,61,331 equity shares of the company representing 10.62% of the total paid up equity share capital of the company. Accordingly, post OFS, the Promoter and Promoter Group's Shareholding in the Company reduced from 85.62% to 75% of the total equity share capital of the Company with effect from 22 March 2018.
During the year 2018-19, the Company launched and implemented the power booster technology, leading to 6-8% improvement in energy output.
In 2019, the Company incorporated a wholly- owned subsidiary namely Waft Energy Private Limited.
The Company commissioned about 250 megawatts of SECI projects in 2020 and commissioned 262 MW including 250 MW of SECI-I projects and resumed fresh supplies of WTGs.
In 2021, Company began its manufacturing operations at the newly established Bhuj Plant in Gujarat. It also commissioned 80 MW, including commissioning for Continuum, Renew Power and certain retail customers. In Port Blair, South Andaman, a project with a 22 MWp (DC) / 20 MW (AC) Solar PV Plant and a 16 MW / 8 MWh Battery Energy Storage System was commissioned in 2022. Further, Company also commissioned 112 MW power. It installed first 3.3 MW WTG in Gujarat. Company's first 390MW wind-solar hybrid power facility was commissioned in Rajasthan in 2022.
In May 2023, the Company commissioned the 50 MW Nani Virani Special Purpose Vehicle (SPV). It launched 3.3 MW Wind Turbine Generator (WTG) platform.