Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) Group Wednesday said that it has initiated a process to sell its stake in the renewal energy business. The renewable assets of the group include operating wind power plants with an aggregate capacity of 873.5-mw, and under-construction wind power plants worth 104 mw capacity.
It also includes the solar power business, under which it has around 300-mw of under-construction projects. Last week, the infra lender had announced plans to divest its stake in IL&FS Securities Services and ISSL Settlement & Transaction Services, for which it claimed to have received interest from over dozen entities, including banks, PE funds and other financial services firms.
“The board today initiated a process of exploring selling controlling stakes held by IL&FS Group in renewable energy assets,” the company said in a statement. Read More