Inox Wind arm inks pact to divest stake in six firms

Inox Wind on Monday said its arm Inox Wind Infrastructure Services Ltd (IWISL) has inked a share purchase agreement to sell its entire equity stake in six firms to wholly-owned subsidiary Resco Global Wind Services. The six arms are Marut-Shakti Energy India, Sarayu Wind Power (Kondapuram) Pvt Ltd, Sarayu Wind Power (Tallimadugula) Pvt Ltd, Vinirrmaa Energy Generation, Satviki Energy Pvt Ltd and AABPWNE RBRK Investments Ltd.

"As a part of strategic business restructuring, the company's material subsidiary, IWISL has entered into a share purchase agreement today to sell the entire issued and paid up equity share capital of its...six wholly-owned subsidiaries to its fellow subsidiary, Resco Global Wind Services Private Ltd for cash consideration at par," a BSE statement said.

After the stake sale, the six companies shall cease to be 100 per cent subsidiaries of IWISL but shall continue to be step-down arms.