New Delhi: Inox Wind, a provider of wind energy solutions, announced on Monday that it has entered into a deal with a group led by ICICI Bank to secure a finance facility of Rs 2,200 crore. IWL stated that the limit could be raised to Rs 2,400 crore based on the working capital assessment conducted by the lead bank, ICICI Bank. The group of banks, led by ICICI Bank, signed a consortium agreement for limits of Rs 2,200 crore. The statement indicated that the majority of the limits are not based on funds but on bank guarantees and letters of credit.
The financial strength of IWL's balance sheet has been approved with limits set, without needing any corporate guarantees or support from GFL. It was stated that with this setup, any previous corporate guarantee or support from GFL to IWL is no longer valid or will soon be invalid.
The banking community's confidence in IWL's financial strength is reaffirmed by the consortium arrangement. Akhil Jindal, Group CFO of INOXGFL Group, stated that this achievement is the result of the company's strong operational performance and positive outlook after several quarters of effort.
FIRST Business Portal addressing the potential of business capability of North East Region.
