Inox Wind Energy stated that it has received approval for sale/ transfer its wind energy business, to its holding company, M/s Inox Leasing and Finance (ILFL).

The lump sum consideration to be received by the Company against slump sale of Wind Energy Business as a going concern, will be around Rs 17 crore.

Inox Wind Energy stated that it has received approval for sale/ transfer its wind energy business, to its holding company, M/s Inox Leasing and Finance (ILFL), by way of slump sale through business transfer agreement to be executed between the Company and ILFL. 

The lump sum consideration to be received by the Company against slump sale of Wind Energy Business as a going concern, will be around Rs 17 crore subject to customary Closing Date adjustments in accordance with the provisions of the business transfer agreement. The Board of Directors of Inox Wind Energy at their meeting held on March 28, 2023 has approved the same.