Mumbai: Government-owned natural gas distribution company GAIL has emerged the winning bidder for IL&FS’ wind assets portfolio. The bid of Rs 4,800 crore for 100% of enterprise value, which more than covers the debt, was unanimously approved by the committee of creditors of IL&FS Wind Energy (IWEL), the majority owner of the SPVs.
A statement issued by IL&FS said that engagement with ORIX Japan, the other shareholder in the SPVs, with regards to the proposal is currently in progress. The closure is expected in three weeks. The sale proceeds will be held in trust for distribution to the relevant stakeholders, in accordance with the resolution framework filed with the NCLAT by the government.
The government-appointed board of IL&FS had invited expressions of interest on November 29, 2018, for 7 operating wind power plants in 12 sites across the country having a total generation capacity of 874MW.
