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Unwind  Potential

Inox Wind is a fully integrated player in the wind energy market with state-of-the-art manufacturing plants near Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs & nacelles.

Inox Wind manufactures key components that ensure high quality, most advanced technology, reliability and cost competitiveness. Inox WTGs are designed for low wind speed sites of India, and are generating around 6% – 18% more generation viz-a-viz other WTGs models available across the nation.

Unwind  Clean Energy

Inox Wind is a fully integrated player in the wind energy market with state-of-the-art manufacturing plants near Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs & nacelles.

Inox Wind manufactures key components that ensure high quality, most advanced technology, reliability and cost competitiveness. Inox WTGs are designed for low wind speed sites of India, and are generating around 6% – 18% more generation viz-a-viz other WTGs models available across the nation.

Unwind  Happiness

Inox Wind is a fully integrated player in the wind energy market with state-of-the-art manufacturing plants near Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs & nacelles.

Inox Wind manufactures key components that ensure high quality, most advanced technology, reliability and cost competitiveness. Inox WTGs are designed for low wind speed sites of India, and are generating around 6% – 18% more generation viz-a-viz other WTGs models available across the nation

Key Reasons of Success

Ability to provide turnkey solutions for wind farm projects in India

Based on our experience of working with customers in India, we believe many customers prefer not to engage in Wind Site acquisition and other processes associated with the development of wind farm projects. Our Company, together with our wholly-owned subsidiaries, IWISL and MSEIL, provides turnkey solutions for wind farm projects. These services include wind resource assessment, site acquisition, infrastructure development, erection and commissioning and long term operations and maintenance of wind power projects.

High quality WTGs based on sophisticated technology and design

We manufacture the major components of our WTGs, including nacelles, hubs, rotor blade sets and towers, at our in-house facilities. We have a perpetual license from AMSC, a leading wind energy technology company based in Austria, to manufacture 2 MW WTGs in India based on AMSC’s proprietary technology. Our license in India is exclusive, subject to three existing licenses that AMSC had previously granted for the production and sale of 2 MW WTGs worldwide, including in India. According to the December 2014 performance letter that we received from AMSC, more than 9,300 WTG units worldwide, with more than 15,000 MW of aggregate production capacity, are installed based on AMSC technology. We also have a non-exclusive license from WINDnovation for custom-made rotor blade sets. Our Type Class III-B 2 MW WTGs have been designed and developed after due assessment of wind site qualities and conditions across low wind resource locations, such as those in India. Our WTGs are designed and developed with a view to achieving efficient power curves, improved up-times and reducing operations and maintenance costs. Our technology licenses are subject to certain limitations which are described under “Business – Technology” on page 138.

Strong order book and ready pipeline of Project Sites

As of December 31, 2014, our order book included orders for WTGs with aggregate capacity of 1,258 MW, comprising orders for supply and erection of WTGs with aggregate capacity of 694 MW, including 50 MW ordered by IRL, a Group Company, in addition to orders for only the supply of WTGs with aggregate capacity of 564 MW. Our order book includes executed binding contracts for WTGs with aggregate capacity of 826 MW and signed term sheets or letters of intent, which are subject to the execution of binding contracts, for WTGs with aggregate capacity of 432 MW. Out of the above order book, WTGs of aggregate capacity of 122MW have already been erected and commissioned as of December 31, 2014, and hence, a significant part of revenues in respect these WTGs has been recognized and payment thereof realized by December 31, 2014, in accordance with our agreements with our customers. As such, there can be no assurance that the orders will be confirmed, that binding contracts will be executed, and that binding contracts or other orders will not be cancelled or reduced or result in revenues or that we will receive payment as per the indicative terms of any such orders. Furthermore, our binding agreements may be subject to contingencies, such as the timing and receipt of necessary government authorizations, or financing conditions which provide that the agreements can be terminated without penalty in the event the customer cannot obtain financing for the project. Please refer to “Risk Factors – Projects included in our order book may be modified or cancelled or there may be delays in execution, which could have a material adverse effect on our cash flow position, financial conditions, cash flows and results of operations” on page 21. We have acquired access to certain Project Sites in Rajasthan, Gujarat, Andhra Pradesh and Madhya Pradesh and expect to have an access to Wind Sites Under Acquisition in the states of Rajasthan, Gujarat, Andhra Pradesh, and Madhya Pradesh, which we estimate are suitable for the installation of an aggregate of 4,052 MW of capacity. We intend to develop these Project Sites and Wind Sites Under Acquisition for customers as part of our turnkey model for wind farm development and have commenced development of shared services infrastructure, including transmission infrastructure. Please refer to “Business – Our Inventory of Wind Sites” on page 152. In September 2013 we acquired Marut-Shakti Energy India Limited, or MSEIL, a company that is engaged in the development of wind power projects and has been allotted Project Sites with aggregate capacity of 85 MW in Madhya Pradesh, which are included in our inventory of Project Sites, and has also applied for the registration of Wind Sites Under Acquisition with aggregate capacity of 80 MW in Madhya Pradesh.

Efficient cost structure

We manufacture the key components of our WTGs in-house. We believe that this helps ensure cost competitiveness, cost-effective logistics and attractive margins. Our license to use AMSC technology reduces our research and development expenses and we operate with a strong focus on controlling operating and financing costs. We have split up our existing manufacturing activities with a view to ensure cost-efficiency. Our existing rotor blade and tower manufacturing facilities are located at our Rohika Unit in Gujarat, which is located adjacent to a highway to facilitate easier handling during transportation to Wind Sites and sea ports, and in relatively close proximity to the states that we believe offer good potential in terms of wind energy production, such as Rajasthan, Gujarat, Maharashtra and Madhya Pradesh. Because nacelles and hubs are more easily transported than rotor blade sets and towers, we currently manufacture nacelles and hubs at our Una Unit in Himachal Pradesh, in order to benefit from certain tax incentives. We have also commenced construction of a new integrated manufacturing facility at Barwani, Madhya Pradesh to produce nacelles and hubs, rotor blade sets and towers in close proximity to projects in Madhya Pradesh and Rajasthan. In addition, based on our operating and financial performance, we believe that our cost structure is among the most competitive in the wind turbine manufacturing industry. For example, we believe that our operating and net margins are relatively high and that our operating and total cost per MW is relatively low compared to a number of major wind turbine manufacturers inside and outside of India.

Strong management team

Our senior management has extensive experience in the quality, engineering, supply chain management, manufacturing, marketing, project development and maintenance of WTGs. Each of our senior managers in charge of these functions has an average of more than ten years of experience in their respective fields and considerable experience in the wind energy industry.

Recognized and trusted corporate group

We are a member of the Inox Group, which commenced operations in 1923 and currently operates in the industrial gases, engineering plastics, refrigerants, chemicals, cryogenic engineering, renewable energy and entertainment sectors. The Inox Group, which includes two publicly-listed companies, namely Gujarat Fluorochemicals Limited, or GFL, and Inox Leisure Limited, is a market leader in various industries in India. Our promoter, Gujarat Fluorochemicals Limited, or GFL, has been a pioneer of carbon credits in India and has been among the largest generators of carbon credits globally. GFL is also the largest producer by volume of refrigerants and polytetrafluoroethylene (PTFE), a synthetic fluoropolymer, in India. We believe Inox is a recognized and trusted brand in India. The Inox Group employs more than 8,000 people at more than 100 business units across India, with a distribution network spread across more than 50 countries around the world. We believe that the Inox Group’s long history, business relationships and financial stability instill confidence in our customers who prefer dependable and established suppliers for long-term projects such as wind farms.
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