Mumbai: Debt-laden Infrastructure Leasing & Financial Services (IL&FS) said GAIL (India) has emerged as the highest bidder for its seven operating wind power plants. The bidding process to these assets having 12 sites spread across seven states was launch-ed in November last year.
“Gail’s offer of approximately Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debt of the SPVs, aggregating to nearly Rs 3,700 crore,’ the company said in a release. 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 (IWEL), majority owner of the SPVs, it said.
The company said engagement with the ORIX Japan, the other shareholders in the SPVs, with regard to the proposal is in progress, and the deal is expected to close in three weeks, it said.
