Gujarat Fluorochemicals to sell wind farm business; stock surges 6 per cent

Inox Renewable Ltd., a subsidiary of Gujarat Fluorochemicals Ltd., has decided to sell its operating wind farm to Chennai based, Leap Green Energy Pvt. Ltd. The company has not disclosed the deal amount, but the received funds would be utilised to pare the debt of the Company. This deal is expected to be completed over the next few months, subject to certain precedents, which include certain approvals, the Company said. This transaction will help the parent company (Gujarat Fluorochemicals) to decrease leverage, by reducing debt of around Rs 800 crore that was attributable to the wind farming business.

Leap Green is also engaged in the business of power generation through renewable resources.

The Inox Group is a diversified conglomerate, which is valued at around USD 3 billion. The group holds a leadership position in dealing with industrial gases, chloromethanes, refrigerants, fluoropolymers, multiplexes, wind turbine manufacturing and cryogenic engineering.

In Wednesday’s trade stock of Gujarat Fluorochemicals Ltd., almost 6 per cent to touch the day's high of Rs 560. The stock is currently trading at Rs 555 up 5 per cent.