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<p>Infrastructure Leasing and Financial Services Limited (<a href="https://www.ilfsindia.com/our-work/energy/" target="_blank" rel="noopener">IL&amp;FS</a>) has invited expression of interest (EoI) to acquire 100% shares of Ramagiri Renewable Energy (6.5 MW wind project) and purchase fixed assets of IL&amp;FS Energy Development Company Limited (<a href="https://www.ilfsindia.com/our-work/energy/" target="_blank" rel="noopener">IEDCL</a>).</p>
<p>IL&amp;FS and its group companies jointly hold 95.54% of the total issued, subscribed, and paid-up share capital of IEDCL. Ramagiri Renewable Energy, a 100% subsidiary of IEDCL owns and operates a 6.5 MW wind project with 26 wind turbines having a capacity of 250 kW each at Ramagiri in the Anantapur district of Andhra Pradesh. The wind project has not been operating since April 2019. IEDCL also owns the fixed assets at the project site used for gathering meteorological and solar data.</p>
<p>The fixed assets include &#8211; A 100-meter lattice tower installed at the wind project for gathering meteorological data with a 300 mm tower diameter and face width, provided with 5 anemometers, two boom-mounted vanes along with temperature and pressure sensors. There is also solar irradiation measurement equipment installed on the wind mast equipment to measure the solar potential at the site, which includes a pyranometer; along with its leveling plate, an anemometer; and a wind direction vane.</p>
<p>The EoI is for the acquisition of 100% shares in the 6.5 MW wind project and the fixed assets listed above.</p>
<p>The last date to submit the bids is August 10, 2021.</p>
<p>To participate in the bidding process, the bidder should have assets or committed funds available in India of at least ₹50 million (~$672,159). The minimum net worth of the bidder should be ₹10 million (~$134,432).</p>
<p>Also, the bidder should not have been debarred or restrained by any regulatory authority from making investments in India or its jurisdictions for incorporation and operations. The bidder should be eligible for executing the potential transaction under the laws of India.</p>
<p>As per the tender document, IL&amp;FS reserves the right to reject all or any of the expressions of interest (EoIs), without providing any reasons or incurring any liability whatsoever. The company reserves the right to suspend, terminate, or modify the process relating to the potential transaction without providing any reasons or incurring any liability whatsoever.</p>
<p>Eligible applicants will be determined by IL&amp;FS and intimated in due course. Such eligible applicants would be provided an information memorandum containing details of the potential transaction, request for proposal, and other information about the potential transaction in the virtual data room.</p>
<p>The eligibility criteria will not apply to an applicant who is an Indian public sector undertaking provided that such an applicant does not submit a letter of support from the central government or a state government, as the case may be at the time of bid submission.</p>
<p>Foreign entities submitting the EoI should ensure that the documents submitted as part of the process are appropriately legalized wherever required in terms of this EoI invitation.</p>
<p>After failing to service its debt, the National Company Law Tribunal in 2018 constituted a new Board and tasked them with the orderly resolution of IL&amp;FS and its group companies. Following this, in November 2018, IL&amp;FS <a href="https://mercomindia.com/ilfs-sell-stakes-assets-solar-wind/" target="_blank" rel="noopener">announced</a> that it is going to achieve the resolution of the IL&amp;FS group through certain measures, including asset divestments.  Of the energy assets, operating wind power generating projects with an aggregate capacity of 873.5 MW, as well as under-construction wind power projects with a total capacity of 104 MW were proposed to be sold. In August 2019, Orix, a financial services group headquartered in Tokyo <a href="https://mercomindia.com/ilfs-sells-wind-subsidiaries-orix-japan/" target="_blank" rel="noopener">announced</a> that it would acquire a 51% stake in seven wind power generating subsidiaries that it jointly owned with IL&amp;FS Wind Energy. Later, in November last year, IL&amp;FS<a href="https://mercomindia.com/ilfs-initiates-acquisition/" target="_blank" rel="noopener"> invited</a> EoIs to acquire the energy advisory business of IEDCL.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> or timely updates on all solar tenders issued by various agencies in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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IL&FS Offers to Sell its Stake in a 6.5 MW Wind Project

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