The IL&FS Board sought the approval of the National Company Law Tribunal to sell seven wind assets to Japan’s Orix Corporation for Rs 4,800 crore. This will help reduce its debt burden of Rs 94,000 crore.
Orix Corporation of Japan is already an equity partner in the group and owns 49 percent stake in each of these seven operating wind power plants. The seven wind power special purpose vehicles are Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja Indiae, Tadas Wind Energy and Kaze Energy.
NCLT directed the IL&FS counsel to file a written submission Wednesday, in this regard and reserved the matter. The proceeds from the sale of these seven assets will be kept in an escrow account as recommended by DK Jain, retired judge of the Supreme Court. Read More
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