GAIL emerges highest bidder for IL&FS wind power plants at Rs 4,800 cr for 7 wind power assets
GAIL's offer of around Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debtors of these seven special purpose vehicles
The bidding process to IL&FS assets having 12 sites spread across seven states was launched last November
These wind power assets have a total generation capacity of 874 mw
The sale proceeds will be distributed as per the resolution framework filed with the National Company Law Appellate Tribunal (NCLAT)
Mumbai: Bankrupt Infrastructure Leasing & Financial Services (IL&FS)'s asset monetisation drive got a major boost on Monday with state-run energy major Gail India offering Rs 4,800 crore for the seven operating wind power plants up for sale. These seven special purpose vehicles have an aggregate debt of Rs 3,700 crore. This makes the deal at a premium.
The bidding process to these assets having 12 sites spread across seven states was launched last November. "Gail's offer of around Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debtors of these seven special purpose vehicles, aggregating to nearly Rs 3,700 crore,' the company said in a statement.
These wind power assets have a total generation capacity of 874 mw. The proposal was approved by the committee of creditors of IL&FS Wind Energy, majority owner of the SPVs, the statement said.
The company said engagement with the Orix Japan, the other shareholders in these SPVs, with regard to the proposal is in progress, and the deal is expected to close in three weeks, it said.
The sale proceeds will be distributed as per the resolution framework filed with the National Company Law Appellate Tribunal (NCLAT) by the government, the company said. The closure of the deal will be subject to the approval of NCLT judge DK Jain.
The Uday Kotak-led board of the IL&FS group, as part of the resolution process has initiated sale of a number of group assets. Sale process for assets including education, funds, roads and thermal power plant are currently underway and binding financial bids are expected for these companies in stages by May 2019, it said.
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The Gujarat Metro Rail Corporation has awarded the balance work to J Kumar Infrastructure and has also started to encash the bank guarantee of IL&FS.
"The newly appointed board of IL&FS is in the process of preparation of roadmap and its subsequent submission to NCLT, which will require IL&FS Transportation Networks Ltd (ITNL) to undertake divestment, restructuring and/or consolidation of its assets...which will have an impact on the accounting and financial aspects of ITNL," the company said in a BSE filing.
The Parliamentary Standing Committee on Finance will take stock of the developments at crisis-hit IL&FS Group for three days from 3 December