NCLT approves IWEL-IWL merger; Inox Wind to reduce liabilities by ₹2,050 crore
New Delhi: The National Company Law Tribunal (NCLT), Chandigarh Bench has approved the merger of
Inox Wind Energy Ltd
(IWEL) with
Inox Wind Ltd
(IWL), a move that will reduce IWL's liabilities by approximately ₹2,050 crore, according to a company statement on Wednesday.
The tribunal passed the order on June 10, paving the way for the consolidation of the INOXGFL Group's wind energy business. Following the merger, IWEL shareholders will receive 632
equity shares
of ₹10 each in IWL for every 10 shares held in IWEL, as per the approved scheme.
The merged entity is expected to operate under a leaner capital structure. As a result of the merger, liabilities in IWL's books will reduce by ₹2,050 crore, according to the group.
Devansh Jain, Executive Director, INOXGFL Group, said: 'This merger is a significant achievement in the exciting journey of the INOXGFL Group, and brings closure to the last two years of efforts which our team had invested in this process.' He added that the merger will be beneficial to all stakeholders, including minority shareholders of IWEL.
The promoter holding structure will also be simplified post-merger, with promoters holding direct equity in IWL. The merged entity is expected to benefit from operational synergies and streamlined resources.
The INOXGFL Group comprises four listed entities—Gujarat Fluorochemicals Ltd, Inox Wind Ltd, Inox Green Energy Services Ltd, and Inox Wind Energy Ltd—with a combined market capitalisation of around USD 11 billion. The group is engaged in businesses across fluoropolymers, fluorochemicals, battery chemicals, and renewable energy.
The
share swap
is subject to regulatory procedures and clearances, and the shares are expected to be credited to IWEL shareholders in 1 to 1.5 months, the group said.
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