{"id":118089,"date":"2019-04-09T08:15:17","date_gmt":"2019-04-09T08:15:17","guid":{"rendered":"https:\/\/www.bnreport.com\/gail-india-leads-the-race-to-buy-ilfs-energy-assets\/"},"modified":"2019-04-09T08:15:17","modified_gmt":"2019-04-09T08:15:17","slug":"gail-india-leads-the-race-to-buy-ilfs-energy-assets","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gail-india-leads-the-race-to-buy-ilfs-energy-assets\/","title":{"rendered":"Gail India leads the race to buy IL&FS energy assets"},"content":{"rendered":"

Mumbai: Gail India<\/a> is the front -runner to buy the energy assets<\/a> 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<\/a> 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 for sale. <\/p>\n

\u201cGail 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,\u201d said a source close to the development. Orix owns 49% in the energy assets up for sale. <\/p>\n

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. <\/p>\n

\u201cThe approximate value of the asset is around Rs 6,000 crore and the deal will help pare debt by Rs 5,000 crore,\u201d said another source. <\/p>\n

The company spokesperson said bids for renewable assets have been received and are being processed. <\/p>\n

Ashwini Kumar, head of energy business, had said that the energy business<\/a> is a green business, which is paying off everything. Though they are performing assets, the response to the sale has been relatively poor. <\/p>\n

\u201cThe wind and solar power projects remain highly cost competitive against conventional sources and would continue to inRead More \u2013 Source<\/strong><\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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