National Company Law Tribunal on August 28 cleared the sale of IL&FS’s seven wind energy assets to Japan’s Orix Corporation for INR 4,800 crore, which will partially help reduce its debt burden of over INR 99,000 crore. The tribunal comprising of VP Singh and Rajesh Sharma allowed the government-appointed board’s plea to approve sale of 51% stake in seven wind energy arms to Orix. The seven wind power SPVs are Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja Indiae, Tadas Wind Energy and Kaze Energy.
Orix Corporation is already an equity partner in the group and owns 49% stake in each of these seven operating wind power plants.
The company should deposit the fund from the asset sale in an interest bearing account until further, the tribunal said.
Retired Supreme Court judge DK Jain had recommended that the proceeds from the sale of these seven assets should be kept in an escrow account.
Source of information