Chennai: Bankrupt Infrastructure Leasing & Financial Services Ltd’s (IL&FS’) asset monetisation drive got a major boost 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 per cent 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.