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Report: 4 companies circle IL&FS renewable energy assets

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Report: 4 companies circle IL&FS renewable energy assets

Four companies have expressed interest in acquiring some of India-based Infrastructure Leasing & Financial Services Ltd.'s wind and solar energy assets, Bloomberg News reported Jan. 8, citing people familiar with the matter.

The companies include Macquarie Infrastructure & Real Assets Inc., NTPC Ltd., GAIL (India) Ltd. and Solar Energy Corporation of India.

The sale could fetch IL&FS up to 80 billion rupees. Discussions are at an early stage and the deal may not push through, according to the report.

Arpwood Capital Pvt. and JM Financial Ltd. are advising IL&FS on the sale.

Representatives from IL&FS and Macquarie in Mumbai declined to comment on the matter, while emails sent by Bloomberg to the other companies were not immediately returned.

In October 2018, the Indian government moved to take over debt-laded IL&FS in an effort to prevent further defaults and avoid a large systemic risk in the financial market.

As of Jan. 8, US$1 was equivalent to 70.15 Indian rupees.