The Indian infra firm, ILFS (Infrastructure Leasing and Financial Services) proclaimed that Japanese companyOrix Corphas shown interest in purchasing 51 per cent stakes of the companys energy assets.
Orix Corp plans to buy the stake to exercise its right under the terms of an existing agreement that allows Orix to match the price offered by the highest bidder for buying a stake in the wind power plants, ILFS told the Indian daily news, Reuters.
In April, the government-owned company, GAIL gave INR 48 billion rupees for ILFSs wind assets, which is also considered the highest bid for the companys wind assets.
GAIL Ltds offer of about 48 billion rupees for 100 per cent of enterprise value contemplated no haircut to the debt of the SPVs (wind power plants), aggregating to about 37 billion rupees, the company told in its statement, as reported by the Indian daily news, Reuters.
Last year, the Indian government has replaced ILFSs entire committee of directors following the companys debt non-disbursement of debts which resulted in a decline in shares as well as debt market, in turn, rising contagion in the financial market. In order to pay off debt, ILFS has started selling various assets.