Japan’s Orix Corp evinces interest to buy remaining stake India’s IL&FS wind assets

Photo: Reuters

India’s debt-ridden Infrastructure Leasing and Financial Services (IL&FS) said on Sunday that Japan’s Orix Corp has expressed an interest in buying out the remaining 51%stake in IL&FS’s wind energy assets.

Orix Corp plans to buy the stake to exercise its right under the terms of an existing agreement that allows Orix to match the price offered by the highest bidder for buying a stake in the wind power plants, IL&FS said https://bit.ly/2VB36LI.

In April, GAIL (India) Ltd offered 48 billion rupees ($683.01 million) for IL&FS’s power plant portfolio, emerging as the highest bidder for its wind assets.

“GAIL Ltd’s offer of about 48 billion rupees for 100% of enterprise value contemplated no haircut to the debt of the SPVs (wind power plants), aggregating to about 37 billion rupees,” the group added in a statement.

The Indian government replaced the company’s entire board last year after defaults on some of its debt obligations triggered sharp declines in stock and debt markets, leading to fears about contagion in India’s financial sector. IL&FS has initiated the sale of several assets to pay off its debt.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.