Companies

IL&FS sells remaining stake in 7 wind SPVs to Japan's Orix Corp

Our Bureau Mumbai | Updated on October 17, 2019 Published on October 17, 2019

IL&FS has completed the sale of its 51 per cent stake in 7 wind energy SPVs to Japan’s Orix Corp.

Orix  already owned 49 per cent in the seven wind energy companies which are held by IL&FS Wind Energy Limited (IWEL). Orix had matched the highest bid of Rs 4,800 crore to acquire 100 per cent control of the assets.

Further, the approval has been granted based on a condition that the sale proceeds be kept in an escrow account and be disbursed as per the directions  given by NCLT or NCLAT.

With Orix matching 100 per cent of the enterprise value, the wind energy assets of IL& FS has not had to take any hair cuts as it owes its lenders Rs 3,700 crore.

The troubled financing company got the nod to sell from justice D K Jain who was appointed by NCLAT to supervise the resolution process.

Published on October 17, 2019
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