State-run GAIL (India) Ltd. has emerged as the highest bidder for seven wind power projects of the debt-ridden Infrastructure Leasing and Financial Services (IL&FS), after it made an offer of Rs. 4,800 crore.
The process to sell the assets was initiated on November 29. After due-diligence, including visits across 12 sites spread across seven States, GAIL had emerged as the highest bidder for the seven operating wind power plants having a total generation capacity of 874 MW. The deal is expected to close in three weeks.
“GAIL’s offer of approximately Rs. 4,800 crore for 100% of the enterprise value contemplates no hair-cut to the debt of the special purpose vehicles (SPVs), aggregating to approximately Rs. 3,700 crore,” IL&FS said.
