New Delhi: Finally some good news has knocked the doors of the cash-strapped IL&FS Group that shook the non-banking finance sector last year with the firm’s debt mounting to nearly Rs 94,000 crore.
The company will receive the first set of bids under its asset sale programme on Monday, sources said. The company’s Uday Kotak-led new board will later consider bids for Rs 8,000 crore renewable energy business that was put on the block in November 2018.
In order to cut debt, the debt-hit group is selling assets in various verticals, including roads, education, renewable energy, and broking. As of now, bids were invited for the company’s renewable energy assets wherein Japan’s Orix is the joint venture partner in the wind power business.
The asset sale is expected to reduce IL&FS debt of about Rs 5,000 crore. The renewable assets of the group include operating wind power plants with an aggregate capacity of 873.5-mw, and under-construction such plants with 104 mw capacity. It also includes the solar power business, under which it has around 300-mw of under-construction projects.