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Tata and JSW enter race for IL&FS renewable energy

Power News - Published on Fri, 11 Jan 2019

Image Source: EnergyInfraPost.com
Times Of India reported that Tata Power, Torrent, JSW Energy, Greenko, Sterlite Power and Statcraft are among the 15-plus applicants who have submitted their expressions of interest for IL&FS group’s renewable energy assets worth INR 8,000 crore the second largest vertical after roads.

Bidders for the business, which has wind and solar power assets, include public sector entities and private equity funds as well. The bidders are expected to commence a due diligence process, which includes physical inspection. They will also review the power generation capacity, the power purchase agreements with governments, the tenure and longevity of the projects and the outstanding debt.

The bad news for lenders is that the sale process will take several months and is unlikely to be completed during the current fiscal. This means that banks will have to make provisions on their exposure to the group in their FY19 results. IL&FS spokesman Sharad Goel refused to comment on the transaction.

Lenders to IL&FS had sought a special dispensation from the Reserve Bank of India , seeking a waiver from making any provisions on their exposure to IL&FS. The representation was made on the grounds that the troubled infrastructure finance company was barred from making any payments by a court-imposed moratorium. The RBI has, however, not acceded to their request.

Source :

Posted By : Rabi Wangkhem on Fri, 11 Jan 2019
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