Turbine manufacturer lands record order and switches up management — EnergyWatch

Inox Wind had a busy day on Friday. The Indian turbine manufacturer not only announced its quarterly results, but also its largest order ever – and several changes in senior management.

For the order, Inox Wind has signed a framework agreement with the utility company CESC from Kolkata. Over the next three to four years, they will deliver turbines with a total capacity of 1,500 MW, of which 1 GW will be in the form of EPC orders. In addition, multi-year service agreements will follow.

”This is by far the largest single order for a wind project signed by an OEM in India,” the company said in a statement.

However, the record-breaking framework agreement will not be reflected in the quarterly financial statements for the last three months of 2023. Here, Inox Wind managed to reduce its loss, although not to make a profit. Overall, the turbine manufacturer had a loss of INR 0.7m (EUR 7,824) from a turnover of INR 49.5m (EUR 553,320).

This was not the firm’s only news. At a board meeting, a restructuring was approved, meaning Deepak Banga was replaced by Uday Shankar Prasad as Head of Compliance, while the CFO for the past few years, Narayan Lodha, was demoted to a position elsewhere in the company. Shivam Tandon, who has previously worked at firms including Tata Steel, will take over the position.

(Translated using DeepL with additional editing by Catherine Brett)