Gail quotes Rs 4,800 cr for IL&FS wind power assets
Bankrupt Infrastructure Leasing & Financial Services (IL&FS)'s asset monetization drive got a major boost Monday with state-run energy major Gail India offering Rs 4,800 crore for the seven operating wind power plants up for sale.
These seven special purpose vehicles have an aggregate debt of Rs 3,700 crore. This makes the deal at a premium.
The bidding process to these assets having 12 sites spread across seven states was launched last November.
"Gail's offer of around Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debtors of these seven special purpose vehicles, aggregating to nearly Rs 3,700 crore,' the company said in a statement.
These wind power assets have a total generation capacity of 874 mw.
The proposal was approved by the committee of creditors of IL&FS Wind Energy, majority owner of the SPVs, the statement said.
The company said engagement with the Orix Japan, the other shareholders in these SPVs, with regard to the proposal is in progress, and the deal is expected to close in three weeks, it said.
The sale proceeds will be distributed as per the resolution framework filed with the National Company Law Appellate Tribunal by the government, the company said.
The closure of the deal will be subject to the approval of NCLT judge DK Jain.
The Uday Kotak-led board of the IL&FS group, as part of the resolution process has initiated sale of a number of group assets.
Sale process for assets including education, funds, roads and thermal power plant are currently underway and binding financial bids are expected for these companies in stages by May 2019, it said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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