AUGUST 22, 2019
The IL&FS group expects to reduce the debt burden from the salefor the IL&FS stake in seven companies under IL&FS Wind Energy - Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy.
The Uday Kotak-led board of IL&FS, moved the Mumbai bench of the National Company Law Tribunal (NCLT), seeking its approval to complete the sale of seven wind energy assets of IL&FS to the Japan-based ORIX Corporation. The bench, headed by VP Singh and Rajesh Sharma, sought details on the enterprise valuation of these assets and reserved the order on the matter.
In June 2019, the board had approved the sale of its entire 51% stake in the seven group companies to ORIX, which already owns 49% stake in the entities. Adroit Valuation acted as a valuation advisor to IL&FS in the transaction of their Wind Power Portfolio and valued at INR 4,386 Crore.
