IL&FS to sell wind portfolio to GAIL in first asset sale since crisis
Mumbai: In its first asset sale since going bust last year, Infrastructure Leasing and Financial Services Ltd (IL&FS) on Monday said it has agreed to sell its 874 megawatts (MW) operational wind energy portfolio to state-run gas utility GAIL (India) Ltd for ₹4,800 crore. The sale will close in three weeks, IL&FS said in a statement on Monday.
Significantly, GAIL’s offer of ₹4,800 crore at 100% enterprise valuation implies that the accumulated debt of ₹3,700 crore on the wind power special purpose vehicles (SPVs) will be fully repaid. The equity value on these assets will be ₹1,100 crore.
The sale is subject to various approvals, including from a foreign equity partner in the assets and company law tribunals.
