August 12 (Renewables Now) - Infrastructure Leasing and Financial Services Ltd (IL&FS) has turned to The National Company Law Tribunal (NCLT) for final clearance to sell its 51% stake in an 874-MW wind portfolio in India to project partner Orix Corp (TYO:8591).
The particular transaction last month received the approval of Justice (Retd) D K Jain, who was appointed by the National Company Law Appellate Tribunal (NCLAT) to supervise the operation of the Resolution Process of IL&FS group companies.
Before filing for NCLT clearance, IL&FS entered into a binding share purchase agreement with the buyer and secured in-principle approval from all lenders. The agreed transaction calls for the transfer of the following companies: Lalpur Wind Energy Private Limited, Etesian Urja Limited, Khandke Wind Energy Private Limited, Retadi Wind Power Limited, Wind Urja India Private Limited, Tadas Wind Energy Private Limited and Kaze Energy Limited.
The portfolio being sold consists of seven operating wind farms in India owned by IL&FL through its subsidiary IL&FS Wind Energy Limited (IWEL). Japanese financial services conglomerate Orix already holds a 49% interest in the assets.
As previously announced, GAIL (India) Ltd (BOM:532155) made an offer of around INR 48 billion (USD 674m/EUR 602m), including the repayment of INR 37 billion in debt, for the particular wind portfolio and ended up as the highest bidder. As a co-owner in the portfolio, Orix had the right to match that price and it made use of it.
(INR 10 = USD 0.140/EUR 0.125)