Representative image of ICICI Bank.
Credit: Reuters File Photo
New Delhi: Wind energy solutions provider Inox Wind on Monday said it has signed an agreement with a consortium led by ICICI Bank to tie up Rs 2,200 crore finance facility.
This limit is likely to be enhanced further to Rs 2,400 crore as per the working capital assessment done by the lead bank (ICICI Bank), Inox Wind Limited (IWL) said in a statement.
The consortium agreement was signed with a group of banks led by ICICI Bank for limits of Rs 2,200 crore. The limits are largely non-fund (bank guarantees and letter of credits) based, the statement said.
The limits have been sanctioned on the financial strength of IWL's balance sheet and without the requirement of any corporate guarantees or any other support from Gujarat Fluorochemicals Ltd (GFL).
With this arrangement in place, any prior corporate guarantee or any other such support extended to IWL by GFL stands vacated/to be vacated in the near future, it said.
"The consortium arrangement reposes the confidence of the banking community in IWL's financial strength. This is the culmination of the last several quarters of efforts and is backed by the strong operational performance by the company and its robust outlook," said Akhil Jindal, Group CFO, INOXGFL Group.