Inox Wind and banks led by ICICI Bank enter into a consortium agreement for facilities worth Rs 2,200 crore.
On Monday, Inox Wind Limited (IWL) declared that it had inked a consortium agreement worth roughly Rs 2,200 crore with a group of banks headed by ICICI Bank. It further stated that, based on the lead bank’s working capital evaluation, this ceiling will probably be increased to around Rs 2,400 crore (ICICI Bank). The company stated in a regulatory filing that the limitations extended are mostly not dependent on funds [bank guarantees (BGs) and letters of credit (LCs)].Based on the soundness of Inox Wind’s balance sheet, the limitations have been approved without the need for corporate guarantees or further backing from Gujarat Fluorochemicals Ltd. (GFL). The…