Deal street: ORIX acquires 51% in seven IL&FS assets

Japan’s ORIX Corporation has completed the acquisition of a 51% stake in seven wind energy assets held by IL&FS Wind Energy (IWEL). The IL&FS Group is expected to get around Rs 4,800 crore from the sale of these assets. “In accordance with the terms of the share purchase agreement signed with ORIX and with the order of the

Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, ORIX has transferred to an escrow account, both the equity sale consideration of approximately Rs 590 crore and an additional Rs 216 crore towards full repayment of debt advanced by IL&FS Energy Development to the SPVs,” IL&FS said in a statement on Thursday. ORIX will continue to hold the total debt of the seven assets, amounting to Rs 3,500 crore, “…thereby resulting in no haircut for the lenders”, the company said.