In a move that could be of some respite for IL&FS lenders, Japan’s ORIX Corporation has agreed to take control of IL&FS’ wind energy company by buying the 51 per cent it does not own in IL&FS Wind Energy Ltd.
Earlier, GAIL Ltd had offered about ₹4,800 crore for 100 per cent of enterprise value. But being a key stakeholder, ORIX has exercised its right of first refusal (ROFR) to purchase the remaining 51 per cent in IWEL by matching GAIL’s bid.
The deal means that the lenders will not have to take a haircut on the debt of around ₹3,700 crore. Apart from the 49 per cent in IWEL, ORIX holds around 23 per cent in IL&FS Group, which makes it the second-largest shareholder.
