State-owned Gail (India) has emerged as the highest bidder for seven operating wind power plants of Infrastructure Leasing and Financial Services (IL&FS) having a total generation capacity of 874 megawatts. This is a first major transaction in making for resolution of assets of IL&FS.
Gail has offered Rs 4,800 crore for the wind projects, which will fetch the beleaguered group 100 per cent of the enterprise value, thereby resulting in no hair cut to the debt of the SPVs. The total debt of the Special Purpose Vehicles (SPVs) is to the tune of Rs 3,700 crore, IL&FS said in a statement.
The proposal has been unanimously approved by the Committee of Creditors (CoC) of IL&FS Wind Energy Limited (IWEL), which majorly owns the SPVs.
