MUMBAI: Cash-strapped Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has sold its 100 per cent stake in IL&FS Wind Power Services Ltd (IWPSL) to ORIX Corporation, Japan, for Rs 6.05 crore.
IWPSL, a wholly-owned subsidiary of IL&FS Energy Development Company (IEDSL), is engaged in providing supervisory and management support services to seven operating wind power generating special purpose vehicles (SPVs).
In October 2019, the group had divested its 51 per cent equity stake held in seven wind power SPVs to ORIX. "The divestment of IWPSL has resulted in a consideration of Rs 6.05 crore to IL&FS Energy that will be kept in an escrow account for its lenders," the group said in a release.
It said that the full amount of consideration has been duly received and the share transfer to the purchaser has been completed. IWPSL, classified as a 'green company', has no outstanding debt. Post the bidding process launched last year, ORIX exercised its option to acquire IWPSL, as per previous pact, and agreed to acquire 100 per cent of the shareholding of IWPSL from IEDCL.
The sale was approved by Justice (Retd) DK Jain and subsequently by National Company Law Tribunal, Mumbai, in February 2020, the release said. IWPSL has over 40 employees and is the first company to go out of IL&FS Group with employees.
The seven SPVs are - Lalpur Wind Energy Private, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy.