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IL&FS Board Seeks NCLT Nod to Sell 7 Wind Power Units

Power News - Published on Thu, 22 Aug 2019

Image Source: ET
The IL&FS Board on August 20 sought the approval of the National Company Law Tribunal to sell seven wind assets to Japan's Orix Corporation for INR 4,800 crore, which will help reduce its debt burden of INR 94,000 crore. The seven wind power SPVs are Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja Indiae, Tadas Wind Energy and Kaze Energy. The proceeds from the sale of these seven assets will be kept in an escrow account as was recommended by DK Jain, retired judge of the Supreme Court.

Orix Corporation of Japan is already an equity partner in the group and owns 49% stake in each of these seven operating wind power plants.

Earlier this month, IL&FS in a statement had said it had decided to completely sell wind energy business, held under IL&FS Wind Energy to Orix, with NCLT for final approval.

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Posted By : Ratan Singh on Thu, 22 Aug 2019
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