The group had begun the process of selling the controlling stake in the wind power in November 2018 Reports confirm that debt-ridden company Infrastructure Leasing and Financial Services (IL&FS) has recently announced that Japan-based Orix Corporation, which holds 49% share respectively in its seven working wind power plants, is seeking to purchase the remaining stake in those assets. Sources close to the matter mentioned that the seven wind energy plants, owned by IL&FS Wind Energy Limited and in the form of special purpose vehicles, are spread over 12 states with an overall generation capacity of 874 MW. Seemingly, in November 2018, the group had begun the process of selling the controlling stake in the wind power plants by inviting expressions of interest for the business. According to IL&FS, Gail (India) had emerged the highest bidder to buy the seven wind power plants, with a Rs 4,800 crore offer for 100% of enterprise value and confirmed no cut to the debt of the SPVs, which is around Rs 3,700 crore. IL&FS mentioned in a statement that the intent for purchasing 51% stake in the company is in exercise of Orix’s right under the term of a current MoU where Orix can match an offer made by the highest bidder for buying IL&FS Wind Energy Ltd.’s stake in the plants. Apparently, the completion of sale of SPVs to Orix would be subject to meet all approvals and compliances, including approval of the National Company Law Appellate Tribunal (NCLT) for the anticipated resolution framework. Proceeds from the sale will be held in trust for distribution to the appropriate stakeholders under the resolution framework. The board of the group has started sale of several assets to lessen a substantial portion of its debt, sources added. Sale process for other IL&FS assets including in the areas of thermal power, education, domestic roads, funds, technology, water infrastructure, and key international assets is presently underway and binding financial bids are anticipated in stages by July 2019. Source Credit: https://www.moneycontrol.com/news/business/companies/japans-orix-to-buy-7-wind-energy-plants-of-ilfs-3992421.html