Wind World India Limited (WWIL), a manufacturer and seller of wind energy converters (WECs), has invited Expression of Interest (EoI) from interested parties, seeking a resolution plan for the company.
WWIL also provides turnkey solutions like identification of sites, obtaining development rights, procuring land, manufacturing of wind turbines, installation, transmission, grid connectivity as well as operation and maintenance services for the project site.
In a statement issued by WWIL, the company said that in line with the Insolvency and Bankruptcy Code 2016, the National Company Law Tribunal has initiated a corporate insolvency resolution process (CIRP) for WWIL. The company, therefore, is on lookout for interested parties to submit their resolution plan for WWIL.
For corporate bodies, a minimum consolidated net worth of ₹2.5 billion (~$39.3 million) for the past financial year and a turnover of at least ₹2.5 billion during any one of the three preceding financial years is required.
In case of financial institutions, minimum assets worth ₹7.5 billion (~$116 million) in the immediately completed financial year or committed funds available for investment of at least ₹5 billion (~$75 million) as on April 1, 2018 have been mandated by WWIL.
For consortium investors, a minimum consolidated net worth of ₹2.5 billion at consortium level for the past financial year and a turnover of at least ₹2.5 billion during any one of the three preceding financial years is required. If this requirement is not met, the investors will have to show minimum assets under management of ₹7.5 billion at consortium level in the immediately completed financial year or committed funds available for investment of at least ₹5 billion as on April 1, 2018.
In all cases, the interested parties must demonstrate experience of managing turnkey infrastructure projects (either domestic or global) or experience in the energy sector during any of three previous financial years or evidence of investment in any turnkey infrastructure project company.
According to the company portfolio, WWIL has more than 6,000 WECs in India with a total installed capacity exceeding 4,500 MW.
Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. More articles from Ankita Rajeshwari.