Bankrupt Infrastructure Leasing & Financial Services (IL&FS)’s asset monetisation drive got a major boost on Monday. In addition, it is with state-run energy major Gail India. However, these seven special purpose vehicles have an aggregate debt of Rs 3,700 crore. After that, this makes the deal at a premium.
Gail’s offer of around Rs 4,800 crore for 100 per cent enterprise value contemplates no hair-cut. The company said that the debtors of these 7 special purpose vehicles, aggregating to nearly Rs 3,700 crore. These wind power assets have a total generation capacity of 874 MW. The closure of the deal will be subject to the approval of NCLT judge DK Jain.
The Uday Kotak-led board of the IL&FS group, as part of the resolution process, has initiated a sale of a number of group assets. The Sale process for assets including education, funds, roads and thermal power plant is currently underway and binding financial bids are expected for these companies in stages by May 2019, it said.