Two months after Japanese Orix Corp. expressed intent to buy out Infrastructure Leasing & Financial Services’ (IL&FS) wind energy business, the company has received the green light to move forward, news sources said Monday.
Orix currently owns a 49 percent stake in the seven-plant wind farm that it jointly owns with IL&FS. With the deal, it will buy the remaining 51 stake and assume full ownership.
The approval was granted by Judge DK Jain with the National Company Law Appellate Tribunal, who was appointed to supervise the resolution process of the acquisition, according to IL&FS. The sale of the assets was approved on June 28.
Orix reportedly matched the Rs4,800 ($695 million) offer by GAIL, a gas distributor in India, who emerged as the highest bidder. The bid amount realized will be kept in an escrow account, only to be dispersed in accordance with the directions in the proceeding.
With the sale, Orix will assume 100 percent ownership of seven group companies, including Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja India, Tadas Wind Energy and Kaze Energy.
