This will be the first set of bids that will be opened under asset monetization process as part of resolution process by government-appointed and Uday Kotak-led new board.
Cash-strapped IL&FS Group will receive first set of bids under asset monetization process on March 18 as part of resolution process, according to sources. The company's board will later consider bids for Rs 8,000 crore renewable energy business that was put on the block in November 2018, the sources said.
This will be the first set of bids that will be opened under asset monetization process as part of resolution process by government-appointed and Uday Kotak-led new board, they added.
The group, which is sitting on the debt of about Rs 94,000 crore debt, had decided to sell assets in various verticals, including roads, education, renewable energy, and broking in November last year.
The renewable assets of the group include operating wind power plants with an aggregate capacity of 873.5-mw, and under-construction such plants with 104 mw capacity. It also includes the solar power business, under which it has around 300-mw of under-construction projects.
Japan's Orix is the joint venture partner in the wind power business and the completion of sale of this business is expected to reduce IL&FS debt of about Rs 5,000 crore.
When contacted IL&FS spokesperson declined to comment on the same.
According to sources, nearly two dozen firms had participated in the expression of interest sought by the company that ended on December 10, 2018.
Several companies, sources said, have completed their due diligence of the underlying assets.
However, the completion of entire process and shortlisting of the final bidder will take a few weeks as multiple processes are involved.
LIC is the single largest shareholder with over 25 percent stake in IL&FS and Orix Corp owns a little over 23 percent.IL&FS Employees Welfare Trust holds 12 percent in the company. The Abu Dhabi Investment Authority, HDFC and Central Bank of India hold 12.56 percent, 9.02 percent and 7.67 percent, respectively, in the cash-strapped company. The country's largest lender SBI has around 7 percent stake in the company.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.