{"id":4712,"date":"2019-04-10T07:32:52","date_gmt":"2019-04-10T07:32:52","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=4712"},"modified":"2019-04-10T07:59:06","modified_gmt":"2019-04-10T07:59:06","slug":"gail-india-may-be-the-new-buyer-for-energy-assets-of-ilfs-says-report","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/gail-india-may-be-the-new-buyer-for-energy-assets-of-ilfs-says-report\/","title":{"rendered":"Gail India may be the new buyer for energy assets of IL&FS, says report"},"content":{"rendered":"

State-owned Gail India is one of the few firms waiting eagerly to buy the energy assets of crisis-ridden Infrastructure Leasing and Financial Services (IL&FS),\u00a0The Economic Times<\/em>\u00a0reported.<\/p>\n

The assets could be worth around Rs 6,000 crore for IL&FS and will hold a controlling stake in the wind power plants that have an aggregate capacity of 873.5 MW. The once under construction will have a combined capacity of 104 MW, the report said citing two people with knowledge of the matter.<\/p>\n

A source close to the development told Economic Times that Gail India is the front-runner to buy energy assets while Japanese investor Orix reserves the right of refusal to buy the stake if the valuation falls below a particular price.<\/p>\n

There were 24 firms that submitted (EoIs), Tata Power, Adani Power and JSW Energy being the ones among them.<\/p>\n

Though the company received 22 expressions of interest from investors, including Global Infra partners, KKR, Brookfield, I Squared Capital and Macquarie, the response in terms of binding bids were poor, as per the report.<\/p>\n

The approximate value of the asset is around Rs 6,000 crore and the deal will help pare debt by Rs 5,000 crore, sources told the paper.<\/p>\n

Gail is targeting to increase its installed capacity of 128 MW of wind power through mergers and acquisitions. They are also bidding for commercially-viable tariff-based and viability gap funding-based green power projects.<\/p>\n

IL&FS, to combat its Rs 94,000 crore debt, is going to use renewable portfolio disvestment as its asset-monetisation strategy.<\/p>\n

IL&FS’ energy assets hold a steady Rs 8,000 crore. The group’s board of directors said chalked out a plan to sell assets in education, roads, broking, etc.<\/p>\n

Though the company received 22 expressions of interest from investors, including Global Infra partners, KKR, Brookfield, I Squared Capital and Macquarie, the response in terms of binding bids has been poor, said the report.<\/p>\n

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State-owned Gail India is one of the few firms waiting eagerly to buy the energy assets of crisis-ridden Infrastructure Leasing and Financial Services (IL&FS),\u00a0The Economic Times\u00a0reported. The assets could be worth around Rs 6,000 crore for IL&FS and will hold a controlling stake in the wind power plants that have an aggregate capacity of 873.5 […]<\/p>\n","protected":false},"author":1,"featured_media":1036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[8],"tags":[3702,3701,3671],"class_list":["post-4712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-asset-monetisation","tag-gail-india","tag-ilfs"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t