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    Gail India now a front runner for energy assets of IL&FS, says report

    Gail India now a front runner for energy assets of IL&FS, says report

    Gail India now a front runner for energy assets of IL&FS, says report
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    By CNBC-TV18  IST (Published)

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    State-owned Gail India is leading in the race to buy the energy assets of crisis-ridden Infrastructure Leasing and Financial Services (IL&FS), The Economic Times reported.

    State-owned Gail India is leading in the race to buy the energy assets of crisis-ridden Infrastructure Leasing and Financial Services (IL&FS), The Economic Times reported.
    The assets could fetch Rs 6,000 crore for IL&FS and include a controlling stake in the wind power plants that have an aggregate capacity of 873.5 MW and those under construction with a combined capacity of 104 MW, the report said citing two people with knowledge of the matter.
    “Gail India is the front-runner to buy energy assets while Japanese investor Orix reserves the right of refusal to buy the stake if the valuation falls below a particular price,” a source close to the development told the newspaper.
    Though the company received 22 expressions of interest from investors, including Global Infra partners, KKR, Brookfield, I Squared Capital and Macquarie, the response in terms of binding bids were poor, as per the report.
    The approximate value of the asset is around Rs 6,000 crore and the deal will help pare debt by Rs 5,000 crore, sources told the paper.
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