GAIL tops bid for 874 MW IL&FS wind portfolio sale
GAIL (India) Ltd has offered the highest bid in a competitive process to acquire an 874 MW wind farm portfolio in India from IL&FS Group.
GAIL has made an offer of about INR48 billion (USD$688 million) that includes the repayment of INR 37 billion in debt. Its proposal was unanimously approved by the committee of creditors of IL&FS Wind Energy Limited (IWEL), which owns the majority of the portfolio.
On the other hand, Japanese financial services conglomerate Orix Corp is set to rival the offer and poised to take full control of the 874 MW wind portfolio in India that is currently co-owned and controlled by India’s debt-ridden Infrastructure Leasing and Financial Services' (IL&FS).
Orix Corp plans to buy the remaining 51% stake in IL&FS’s wind energy assets and exercise its right under the terms of an existing agreement that allows Orix to match the price offered by the highest bidder for buying a stake in the wind power plants.
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