Japan’s Orix Corporation was the minority partner with 49% stake in IL&FS’s project development arm.
After the bankruptcy of the parent IL&FS, the assets were put up for sale and attracted many suiters.
In a public process, Gas Authority of India Limited (GAIL) emerged as the highest bidder with an offer of $675 million for 100% enterprise value.
However, Orix exercised its right under a pre-defined agreement, which allowed it to acquire the assets by matching the highest bid.
Orix offered to take up the existing debt and a cash consideration of $115 million.
IL&FS’ bankruptcy resolution is being monitored by the courts.