© business-standard.comIL&FS Seeks Tribunal Approval For Sale Of Wind Energy Arm
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IL&FS has filed a proposal with the National Company Law Tribunal (NCLT) for a final approval to complete the sale of its stake in the wind energy business.
“The proposal has been filed before the tribunal after completing binding Share Purchase Agreement with ORIX Corporation and obtaining in-principle approval from all lenders for completing this transaction, subject to NCLT approval,” the company said in a statement.
ORIX Corporation of Japan, owner of 49 per cent stake in each of the seven operating wind power plants of the IL&FS Group, had expressed its intent to buy out the remaining 51 per cent stake held by IL&FS in those assets for Rs 4,800 crore.