IL&FS Energy Issues EoI for Stake Sale in 2 Wind Energy Assets

Moving ahead with its monetization procedure, IL&FS Energy Development Company has announced that it has invited expressions of interest (EoI) to retail its stake in Sipla Wind Energy Ltd and Mahidad Wind Energy Private Ltd.

Sipla Wind Energy, a special purpose vehicle (SPV) with under-construction wind energy project with an aggregate capacity of 43.2 MW. Mahidad Wind Energy has a cumulative capacity of 60.8 MW, said the invite on the IL&FS website.

The call for EoIs is a part of the asset monetization process as per the ‘Report on Progress and Way Forward’ submitted by IL&FS to the Ministry of Corporate Affairs in October 2018 which was later filed in the Mumbai bench of the National Company Law Tribunal.

“The potential transaction and the process thereof are an integral part of the steps outlined in the report, and are expected to assist the Board of Directors of IL&FS appointed pursuant to the orders of the NCLT in October 2018, in part, in evolving the resolution plan(s) outlined in the report,” it said.

Arpwood Capital and JM Financial have been appointed to assist in the potential transaction.

To bid for the assets, a corporate should have a minimum net worth Rs 50 crore as per the latest audited balance sheet or as certified by a practising chartered accountant.

Private equity investors should have minimum assets under management in India of Rs 200 crores as of December 31, 2018, or later; or committed funds available for investment or deployment in Indian companies or assets of Rs 200 crore as of December 31, 2018, or later, IL&FS said.

Wind Power | News published on 12/07/2019 by Moulin

 
 
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