Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) Group on Wednesday said that the company has initiated a process to sell its stake in the renewal energy business.
The renewable assets of the group include operating wind power plants with an aggregate capacity of 873.5-mw, and under-construction wind power plants worth 104 mw capacity. It also includes the solar power business, under which it has around 300-mw of under-construction projects.
The board will take steps to solicit expressions of interest (EoI) to assess the interest for a sale of its stake in the renewable energy assets, the company said in a statement.
The board said these steps are needed to advance the process for resolution plans for the group.
Last week, the infra lender had announced plans to divest its stake in IL&FS Securities Services and ISSL Settlement & Transaction Services, for which it claimed to have received interest from over dozen entities, including
banks, PE funds and other financial services firms.
"The proposed sale of stakes held by IL&FS Group in these assets may be carried out as a basket/ individually or a combination of both," said the company that is sitting on a debt over Rs 94,200 crore.
With inputs from PTI.