Shares of Inox Green Energy Services Ltd. rose over three per cent on Monday after the company's arm bagged an order from NLC India for the operation and maintenance of its 51MW WTG portfolio in Tamil Nadu.
The order has been secured by its subsidiary I-Fox Windtechnik from the state-run company, Inox Green said in a filing to the stock exchanges.
The scope of the order consists of comprehensive operations and maintenance (O&M) including a power evacuation system, for a period of five years with a revenue realisation of Rs 40 crore (inclusive of taxes) during the contract period.
"We are progressing towards our goal of reaching a WTG O&M portfolio of 6GW by financial year 2026, through a mix of organic and inorganic growth," SK Mathu Sudhana, CEO of Inox Green Energy Services, said.
Inox Green, a part of the Inox GFL Group, is one of the leading wind power operations and maintenance service providers in the country with a fleet size of around 3 GW. It provides long-term O&M services for wind projects and NLC India is a Navratna public sector undertaking of the Government of India.
In December 2022, Inox Green announced the acquisition of an independent wind turbine operation and maintenance services provider for an undisclosed amount. This was Inox Green's first-ever acquisition.
The firm signed a term sheet to acquire a majority stake in the O&M Wind Services provider with a 230+ MW fleet that operates mostly in South India.
Shares of Inox Green Energy are trading 2 percent higher at Rs 68.30.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM