India's Infrastructure Leasing & Financial Services Ltd (IL&FS) said on Wednesday that it has launched a process to assess the interest of third parties in the company’s renewable energy businesses.
"As stated in the said report, it is the objective of the Board to achieve, by one or more plan(s), the resolution of the IL&FS group through certain measures, including asset divestment," the statement said.
The stake sale may be executed as a basket, or individually, or in any combination thereof, the company said in a statement.
IL&FS is looking to sell controlling stakes in an 873.5-MW operating wind park portfolio and 104 MW of under-construction wind farms as well as businesses that offer asset management and project development services. Also, it seeks to sell stakes in the business engaged in the development of solar projects, including 300 MW of photovoltaic solar projects.
It has hired Arpwood Capital Pvt Ltd and JM Financial Ltd as financial and transaction advisors, while Alvarez & Marsal will act as resolution consultants.