Inox Green zooms on inking term sheet for acquisition of majority stake in O&M Wind Service Provider
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Inox Green Energy Services is currently trading at Rs. 44.80, up by 4.05 points or 9.94% from its previous closing of Rs. 40.75 on the BSE.
The scrip opened at Rs. 40.05 and has touched a high and low of Rs. 46.70 and Rs. 40.05 respectively. So far 195571 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 63.95 on 23-Nov-2022 and a 52 week low of Rs. 40.50 on 23-Dec-2022.
Last one week high and low of the scrip stood at Rs. 52.75 and Rs. 40.50 respectively. The current market cap of the company is Rs. 1316.65 crore.
Inox Green Energy Services has signed a term sheet for acquisition of majority stake in a renowned Independent O&M Wind Service Provider with a 230+MW fleet that operates majorly in South India. This acquisition is a part of the strategic decision taken by the company to grow its fleet through the inorganic route as well. The inorganic route provides a large growth opportunity for the company to grow its business rapidly as a large part of the operating fleet in India is currently being managed by the unorganized sector. The transition pain in the sector over the past four years saw the growth of the smaller players from the unorganized sector. The inorganic growth that we have embarked upon is favorable for all stakeholders; the wind farm owner, the current O&M provider and us. Inox Green is actively pursuing inorganic growth opportunities along with the rapid growth that it envisages from the organic route as well.
With this acquisition, Inox Green enters multi brand OEM wind turbine O&M business and will be well positioned to serve customers by leveraging the synergies and efficiencies across the combined teams, supply chain capabilities and technical expertise. The technical and financial strengths of Inox Green will aid the target company to grow at a faster pace. The transaction is subject to certain regulatory and other customary closing conditions and is expected to conclude by end of Jan 2023.
Inox Green Energy Services is one of the major wind power operations and maintenance (O&M) service providers within India with a fleet size of ~3 GW. The Company is engaged in the business of providing long-term O&M services for wind projects.
