As per media report, Orix owned 49% in the each of the seven operating wind power plants of debt-laden IL&FS group. The company will exercise its right under the terms of an existing pact with IL&FS, wherein Orix can match the price offered by the highest bidder to buy IL&FS’s stake in the wind power plants.
The sale process to Orix is expected to be completed by June, subject to necessary approvals, reports added.
Further, the completion of sale of special purpose vehicles to Orix will be subject to satisfaction of all compliances and approvals required under applicable laws—including approval of justice (retd.) D.K. Jain and the National Company Law Tribunal—in accordance with the proposed resolution framework, reports added.