Natural gas distribution major GAIL India Limited emerged as the highest bidder for the wind assets of debt-ridden IL&FS Group. GAIL quoted an offer price of Rs 4,800 crore for 873 MW of wind power assets, IL&FS said in a public statement.
“GAIL’s offer of approximately Rs 4,800 crore for 100 per cent of enterprise value contemplates no hair-cut to the debt of the special purpose vehicles (SPVs) aggregating to approximately Rs 3,700 crore. The proposal was unanimously approved by the Committee of Creditors of IL&FS Wind Energy Limited (IWEL), majority owner of the SPVs,” the company statement said.
GAIL spokesperson was unavailable to confirm on the same. IL&FS further said that engagement with ORIX Japan, the other shareholder in the SPVs, with regards to the proposal is “currently in progress”. Read More