In a major development in the resolution of the crisis-hit IL&FS and its group entities, IL&FS on Thursday said that it has completed the sale of its wind energy assets to Orix Corporation of Japan for Rs 4,900 crore, helping the debt ridden company to resolve its debt of over Rs 4,300 crore.
In a statement IL&FS said: “IL&FS completes sale of its 51 per cent stake in seven SPVs (special purpose vehicles) under Wind Energy Assets portfolio to Orix Corporation of Japan. The transaction marks the completion of first set of resolution under the new board.” The seven operating wind power SPVs, with 874 MW of generation capacity, were held under IL&FS Wind Energy Ltd, a subsidiary of IL&FS.
“Transaction resolves debt of over Rs 4,300 crore — Rs 3,537 crore (as on October 15) of debt in SPVs transferred, IL&FS gets cash of Rs 592.87 crores for its equity and Rs 216 crores for its debt in these SPVs,” the statement said. Read more
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