IL&FS receives in-principle approval for sale of 874 MW wind power assets to Orix

Infrastructure Leasing & Financial Services (IL&FS) has received in-principle approval from its lenders for the sale of 51 per cent equity stake in seven special purpose vehicles (SPVs), incorporated for development of 874 MW of wind power projects, to Orix Corporation. The SPVs include Lalpur Wind Energy Private Limited, Etesian Urja Limited, Khandke Wind Energy Private Limited, Retadi Wind Power Limited, Wind Urja India Private Limited, Tadas Wind Energy Private Limited and Kaze Energy Limited.

Meanwhile, IL&FS has filed the proposal to complete the sale of its wind energy business, held under IL&FS Wind Energy Limited with National Company Law Tribunal for the final approval. The board of IL&FS had approved the sale of these entities to Orix Corporation in its board meeting held on June 28, 2019.

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