GAIL (India) Ltd. has emerged as the highest bidder for seven operating wind power plants of debt-laden Infrastructure Leasing & Financial Services, said the company on Monday. Last year in November the bidding process to these assets having 12 sites spread across seven states was launched.
The company said, “GAIL’s offer of approximately Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debt of the special purpose vehicles, aggregating to nearly Rs 3,700 crore.”
The proposal was approved by the committee of creditors of IL&FS Wind Energy, majority owner of the SPVs, it said. These wind power assets have a total generation capacity of 874 megawatt.
The company also said that that sale process for assets including education, funds, roads and thermal power plant are currently underway and binding financial bids are expected for these companies in stages by May 2019.