Mumbai: Gail IndiaNSE -1.08 % is the front -runner to buy the energy assets of troubled Infrastructure Leasing and Financial Services, two persons in the know of the development, said. The assets on the block could fetch Rs 6,000 crore for IL&FS and include a controlling stake in the wind power generating plants with an aggregate capacity of 873.5 MW and those under construction with a combined capacity of 104 MW. Solar power plants and projects under development of about 300 MW is also up f ..
Though the company received 22 expressions of interest from investors, including Global Infra partners, KKR, Brookfield, I Squared Capital and Macquarie to buy over 1,000-megawatt renewable energy assets, response in terms of binding bids were poor. The company was expecting to get Rs 6,000 crore to Rs 8,000 crore from the sale of energy assets.
“The approximate value of the asset is around Rs 6,000 crore and the deal will help pare debt by Rs 5,000 crore,” said another source.
The company spokesperson said bids for renewable assets have been received and are being processed.
“The wind and solar power projects remain highly cost competitive against conventional sources and would continue to increase their share in the generation mix over the next few years. As per ICRA estimate, the share of renewable energy in the generation mix is expected to increase to 12-13% by FY22 from 7.7% in FY18,” said Sabyasachi Majumdar, group head — corporate ratings, ICRA.
The subsidiaries are part of the resolution plans for IL&FS Group. Arpwood Capital and JM Financial ar ..
Though the company received 22 expressions of interest from investors, including Global Infra partners, KKR, Brookfield, I Squared Capital and Macquarie to buy over 1,000-megawatt renewable energy assets, response in terms of binding bids were poor. The company was expecting to get Rs 6,000 crore to Rs 8,000 crore from the sale of energy assets.
“The approximate value of the asset is around Rs 6,000 crore and the deal will help pare debt by Rs 5,000 crore,” said another source.
The company spokesperson said bids for renewable assets have been received and are being processed.
“The wind and solar power projects remain highly cost competitive against conventional sources and would continue to increase their share in the generation mix over the next few years. As per ICRA estimate, the share of renewable energy in the generation mix is expected to increase to 12-13% by FY22 from 7.7% in FY18,” said Sabyasachi Majumdar, group head — corporate ratings, ICRA.
The subsidiaries are part of the resolution plans for IL&FS Group. Arpwood Capital and JM Financial ar ..
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