Inox GFL Group announced that it had raised Rs 1,500 crore across its subsidiaries . The money was used to reduce their debt significantly, the interest outgo .
Noida (today): In the last fortnight, the Inox GFL Group announced that it had raised Rs 1,500 crore across its subsidiaries.The money was used to reduce their debt significantly, the interest outgo, according to the company, who said that Rs 740 crore was recently raised through an initial public offering (IPO) of Inox Green Energy Services (IGESL), and that the proceeds were largely used to pay debt repayment.The Inox GFL Group's Executive Director, Devansh Jain, said that the selling proceeds have been reinvested in Inox Wind (IWL), while IWL has refunded GFL funds for establishing wind power capacities, according to the group.While the groups chemical business had been doing well and had a promising growth outlook, particularly with new investments in fluoropolymers and in the electric vehicle industry, the renewable energy sector had been negatively impacted by policy shifts, the company said that, with the strengthening of the balance sheet and the macros favorable to the sector, the organization expected continued growth.
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