Mumbai: GAIL IndiaNSE -2.52 % has emerged as the highest bidder for IL&FS Wind Energy offering Rs 4,800 crore. If the sale were to go through, it would be the first resolution by the Uday Kotak-led board at the struggling infrastructure financier.
GAIL heads the bidding list for 7 operating wind power plants (special purpose vehicles or SPVs), with total generation capacity of 874 MW. ORIX has the first right of refusal on the deal.
The offer assumes no haircut to the outstanding debt of the SPVs, at about Rs 3,700 crore, IL&FS said in a statement. The transaction is likely to close in three weeks. Sale proceeds will be held in a trust for distribution to the relevant stakeholders,
