MUMBAI: IL&FS has sold the 33.3% stake it held in a 44MW bagasse-based power generation plant to a Warana sugar cooperative, which holds a majority stake in the company. The infrastructure group has also sold its energy advisory business, which was carved out of IL&FS Energy Development Company (IEDCL), to PTC India.
IL&FS has said that the total sale consideration for the power business is Rs 77.5 crore and both the businesses do not hold debt. In the sale of its energy advisory business, a division of IEDCL, PTC emerged as the highest bidder and the sale was completed on July 26 at a consideration of Rs 15 crore. This sale has been approved by NCLT.
While the amount involved is small, the sale reduces the headcount in the IL&FS Group by 300 personnel, who have now moved to PTC. The total headcount under the IL&FS Group stands at 4,000, down 80% from 2018.
