IFC is planning to invest $130 Mn in INOX Renewables Limited, a subsidiary of Gujarat Fluorochemicals Limited.
The funds raised will be used to fund 400 MW of wind projects in the states of Rajasthan and Gujarat.
IFC's proposed investment involves equity investmentof $40Mn in IRL and senior debt of $90Mn.
Incorporated in 2010, INOX Renewable is a part of INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment. Gujarat Fluorochemicals and Inox Leisure are also a part of Inox Group.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.