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IL&FS has completed the sale of its 51 per cent stake in 7 wind energy SPVs to Japan’s Orix Corp.
Orix already owned 49 per cent in the seven wind energy companies which are held by IL&FS Wind Energy Limited (IWEL). Orix had matched the highest bid of Rs 4,800 crore to acquire 100 per cent control of the assets.
Further, the approval has been granted based on a condition that the sale proceeds be kept in an escrow account and be disbursed as per the directions given by NCLT or NCLAT.
With Orix matching 100 per cent of the enterprise value, the wind energy assets of IL& FS has not had to take any hair cuts as it owes its lenders Rs 3,700 crore.
The troubled financing company got the nod to sell from justice D K Jain who was appointed by NCLAT to supervise the resolution process.
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