Inox Wind sells stake in power generator Sri Pavan to KPR Infra

Inox Wind has sold its 51% stake in Sri Pavan Energy to Sri KPR Infra & Projects for approximately INR510,000 ($6,700). Sri KPR owned the remaining 49%, so the deal gives the company 100% control. Turbine manufacturer Inox incorporated Sri Pavan into its Inox Wind Infrastructure Services (IWIS) operation in 2018. Following the sale, Sri Pavan will no longer be an IWIS subsidiary.

Indian wind turbine maker Inox Wind Ltd (BOM:539083) has offloaded its 51% stake in its wind power generation business Sri Pavan Energy Pvt Ltd to Telangana-based Sri KPR Infra & Projects Ltd for about INR 510,000 (USD 6,700/EUR 6,150).

The sale was conducted by Inox Wind’s unit Inox Wind Infrastructure Services (IWISL), the wind turbine maker said in a bourse filing on Friday.

Sri KPR Infra already held 49% of the acquired entity’s stock and now has taken possession of Inox Wind’s 51,000 equity shares. The stock was sold at face value of INR 10 apiece in exchange for cash.

Following the move, Sri Pavan Energy will no longer be a subsidiary of Inox Wind. The entity was incorporated into the wind turbine manufacturer’s IWISL unit in April 2018 with a paid-up capital of INR million. It was created to produce and sell wind power.

(INR 10 = USD 0.132/EUR 0.121)

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