IL&FS arm puts its shares in 2 wind energy assets for sale
Going ahead with its monetisation process, IL&FS Energy Development Company, a subsidiary of the crisis-hit IL&FS, has invited expressions of interest (EoI) to sell its stake in Sipla Wind Energy Ltd and Mahidad Wind Energy Private Ltd.
Sipla Wind Energy is a special purpose vehicle with under-construction wind energy project with aggregate capacity of 43.2 MW. With the same characteristics, Mahidad Wind Energy has an aggregate capacity of 60.8 MW, said the invitation on the IL&FS website.
The call for EoIs is a part of the asset monetisation process as per the 'Report on Progress and Way Forward' submitted by IL&FS to the Ministry of Corporate Affairs in October 2018 which was later filed in the Mumbai bench of the National Company Law Tribunal.
"The potential transaction and the process thereof are an integral part of the steps outlined in the report, and are expected to assist the Board of Directors of IL&FS appointed pursuant to the orders of the NCLT in October 2018, in part, in evolving the resolution plan(s) outlined in the report," it said.
Arpwood Capital and JM Financial have been appointed to assist in the potential transaction.
To bid for the assets, a corporate should have a minimum net worth Rs 50 crore as per the latest audited balance sheet or as certified by a practising chartered accountant.
Private equity investors should have a minimum assets under management in India of Rs 200 crores as of December 31, 2018 or later; or committed funds available for investment or deployment in Indian companies or assets of Rs 200 crore as of December 31, 2018 or later, IL&FS said.
In another advertisement, IL&FS has called for EoIs for land parcels aggregating to 2,880 acres of non-contiguous land spread across seven villages of Kutch district of Gujarat held by subsidiaries of IL&FS, Avash Logistic Park Pvt Ltd (ALPL), Sealand Ports Pvt Ltd (SPPL) and Gujarat Integrated Maritime Complex Pvt Ltd (GIMCO).
The villages where land parcels of IL&FS arms are up for sale are Mota Layja, Godhra, Bayath, Undoth, Ratadiya, Nana Layja and Kathda.
The financial criteria for private equity investors or foreign and domestic funds to bid for the land parcels is that they should have minimum assets under management in India of Rs 20 crore for every 100 acre or part thereof as of March 31, 2019 or committed funds available for investment in Indian companies or assets of Rs 20 crore for every 100 acre or part thereof as of March 31, 2019.
"For others, the minimum net worth should be of Rs 5 crore for every 100 acre or part thereof as of March 31, 2019," it said. IANS