IL&FS, the largest non-banking financial institution in India declared bankruptcy amidst failed loans and non-performing assets and a debt pile of INR 920 billion ($12.4 billion).
The government recently took over the company and appointed new board of directors to oversee turnaround and restore market confidence.
A new company board appointed HSBC bank to look for buyers for the wind power business which is expected to be valued at INR 45 billion for a total wind asset capacity of 775MW, most of which was built between 2011 and 2017 by Wind World India – itself also recently filing for insolvency.
The decision to sell this unit comes after a plan to merge it with local developer Orient Green Power (OGCP) failed.
Mergers & Acquisitions
The announcement comes as rival developer Greenko nears the acquisition of Orange Renewables.
Media reports in India also suggest Greenko might be lining up a move for Skeiron Renewables, a wind power development subsidiary of turbine manufacturer Suzlon.