Wind power company Inox Wind Ltd has acquired Sarayu Wind Power (Tallimadugula) Pvt Ltd for an undisclosed amount, according to a statement.
Inox made the acquisition through wholly-owned subsidiary Inox Wind Infrastructure Services Ltd.
With this, Sarayu Wind Power has become step-down subsidiary of Inox Wind. The deal expands Inox’s presence in Andhra Pradesh.
Inox Wind is a subsidiary of Gujarat Fluorochemicals Ltd and started operations in March 2010. Besides the parent, the group also has another listed firm — Inox Leisure Ltd.
Its customers include Green Infra, Continuum Wind Energy, Tata Power Renewable Energy, Welspun Energy, Bhilwara Energy, ReNew Power Ventures and Hero Future Energies.
Inox Wind’s wind turbine production capacity is 1.6 GW, after the company commissioned an 800-MW blade factory in Madhya Pradesh last month. It also has a factory for blades and tubular towers in Gujarat, and a hubs and nacelles production facility in Himachal Pradesh.
In its recently concluded initial public offering, Inox Wind raised Rs 700 crore. The issue included an offer for sale worth Rs 325 crore from the promoter. The issue was subscribed 18 times.
Another listed firm in the wind power sector is Suzlon Energy Ltd, which has been under financial stress due to a debt pile-up from large acquisitions overseas. It has sold off bulk of those assets as part of a restructuring to clean its balance sheet.