With an offer of ₹4,800 crore, state-owned GAIL has emerged as the highest bidder for the seven wind power plants of debt ridden Infrastructure Leasing and Finance Corporation (IL&FS).
“GAIL’s offer of approximately ₹4,800 crore for 100 per cent of enterprise value contemplates no haircut to the debt of the special purpose vehicles (SPVs), aggregating to approximately ₹3,700 crore,” IL&FS said on Monday.
IL&FS had invited expressions of interest for the wind assets on November 29 last year. “At the end of the binding bidding process, reached after due-diligence including site visits across 12 sites spread across seven States, GAIL (India) Ltd has emerged as the highest bidder for the seven operating wind power plants with a total generation capacity of 874 MW,” it said.
