In March 2020, the Board of Directors GFL Limited approved the Scheme of Arrangement between Inox Renewables Limited, GFL Limited and Inox Wind Energy Limited.
GFL Limited (GFL) earlier known as Gujarat Fluorochemicals Limited is a public limited company, listed on both the leading Stock Exchanges of India –BSE Limited and the National Stock Exchange of India Limited. GFL Limited holds strategic business interest in leisure, infrastructure and renewables.
- 3% stake in INOX Leisure Limited (ILL) – operates a national chain of multiplex cinema theatres
- 98% stake in INOX Wind Limited (IWL) – provides wind energy solutions to customers, who are primarily IPPs
Inox Renewables Limited (IRL) is currently engaged in the business of generation and sale of wind energy and providing services for the Erection, Procurement and Commissioning (EPC) of wind farms. The entire share capital of the IRL is held by GFL Limited.
Inox Wind Energy Limited (IWEL) is incorporated for this transaction. The entire share capital of IWEL is held by GFL (Gujarat Fluorochemicals Limited) Limited.
Inox Wind Limited (IWL) is another listed group company involved in manufacturing of state-of-the-art wind turbine generators, rotor blades and tubular towers. However, IWL is not directly part of the Scheme.
To consolidate the Renewable energy business of the group, GFL Limited has decided to do an internal restructuring in two parts:
Part A – Amalgamation of Inox Renewables Limited, wholly-owned subsidiary of GFL Limited, into GFL Limited and
Part B – Demerger of Demerged Undertaking (comprising of Renewable Energy Business) of GFL Limited into Inox Wind Energy Limited.
The Appointed date for the transaction:
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