The Infrastructure Leasing & Financial Services (IL&FS) group has initiated a process to sell its stake in the renewable energy business, reports telegraphindia.com. It owns wind power plants with a capacity of 873.5 mega watts (MW). Besides, it has units that are under construction with a proposed capacity of 104 MW. The IL&FS group also has under-construction solar power projects with capacity of 300 MW.
This latest move comes after the infrastructure financier had announced plans to divest its stake in IL&FS Securities Services and ISSL Settlement & Transaction Services. According to the group, it has received strong interest from over dozen entities for these two businesses. The interest comes from banks, private equity funds and other financial services firms.
It is planning to divest stake in businesses relating to project development and implementation of solar power plants and projects under development of around 300 MW capacity with corporate customers. It is looking at various resolution options that include significant capital infusion in its business either individually or in a combination, divestments, and debt restructurings at the group level. It may also cover an asset level resolution.
UP FOR SALE
Wind power plants with capacity of 873.5mw. Plants are operational
Another 104mw wind power plants that are under construction
IL&FS to also sell solar units with capacity of 300mw
IL&FS has Rs 92,000-crore debt