Wind energy solutions provider Inox Wind Limited (IWL) has entered into a consortium agreement with a group of 10 banks, spearheaded by , the company announced.

The agreement grants credit facilities worth approximately Rs 22 billion, with the potential to increase to Rs 24 billion based on a working capital assessment conducted by ICICI Bank.

The shares of Inox Wind closed in the greens up 5.16%, at Rs 253.90 a piece on BSE. The company also said that these limits are predominantly non-fund based, including bank guarantees (BGs) and letters of credit (LCs). The facilities have been granted on the strength of IWL's balance sheet, without requiring corporate guarantees or additional financial support from its parent company, Gujarat Fluorochemicals Ltd. (GFL).

With this agreement, any previous corporate guarantees or financial backing extended to IWL by GFL will be vacated in the near future.