PNN
Chennai (Tamil Nadu) [India], January 2: Indowind Energy Limited (BSE: 532894 | INE227G01018 | NSE: INDOWIND), engaged in the generation and distribution of power through windmills, has announced key financial and operational updates focused on strengthening its balance sheet and advancing project execution.
Rights Issue Proceeds Utilised to Repay Legacy Liabilities
As part of the Objects of the Rights Issue, the Company has repaid:
* ₹1,163 lakh of loans availed from associated parties, and
* ~₹925 lakh towards outstanding LIC dues.
The repayments have resulted in a meaningful reduction in outstanding liabilities.
Lower Debt Levels Expected to Reduce Finance Costs
The repayment of these obligations is expected to lower interest and related finance costs, supporting improved profitability and strengthening the Company's financial position.
Balance Sheet Reset Creates Headroom for Growth Funding
With legacy liabilities addressed, Indowind Energy Limited is now better positioned to raise fresh borrowings for expansion. This enables the Company to evaluate and undertake new projects aimed at improving turnover and long-term earnings.
Execution Initiated for 4 MW Solar Power Project
On the operational front, the Company has commenced implementation of finalized contracts for its 4 MW solar power project, marking the transition from planning to execution and laying the foundation for future revenue generation.
Way Forward
Indowind Limited remains focused on disciplined capital deployment and timely execution, leveraging its strengthened balance sheet to pursue growth opportunities in the renewable energy segment.
Commenting on the development, Mr. Bala Venckat Kutti, Promoter of Indowind Energy Limited, said: "Our immediate focus has been on putting the Company on a stronger financial footing while preparing for the next phase of growth. The steps taken over the past few months are expected to improve cost efficiency and provide greater flexibility as we move ahead with project execution. With work now underway on the solar project, we remain focused on steady progress and building a platform for sustainable performance."
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