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IL&FS to sell 51 percent in wind units to Orix Corporation

Thursday, 29 Aug 2019
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The National Company Law Tribunal (NCLT) has approved the sale of wind energy assets of IL&FS to Japan’s Orix Corporation. NCLT has allowed the government appointed board’s plea for the sale of IL&FS’ balance 51 percent stake in seven wind energy units to Orix Corporation.

The Japanese company already owns 49 percent stake in each of those units. In July 2019, NCLT had approved the proposed sale of IL&FS’ wind power assets. The units are held under IL&FS Wind Energy (IWEL).

Orix Corporation had decided to match the offer of the highest bidder, of approximately Rs 4,800 crore for 100 percent of enterprise value. The assets include a controlling stake in the wind power generating plants with an aggregate capacity of 873.5 MW and those under construction with a combined capacity of 104 MW.

The company also owns solar power plants, and projects under development of about 300 MW are also up for sale. The sale will lead to the resolution of the following companies of the IL&FS Group -- Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy.

The subsidiaries are part of the resolution plans for IL&FS Group. The Group submitted a progress report to courts categorising assets into three categories: red, green and amber. IL&FS has been looking out to sell stakes in subsidiaries and pare its debt. The company has debt of Rs 91,000 crore.

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