Gas utility GAIL (India) Ltd might be interested in buying some of the wind assets of debt-laden Infrastructure Leasing and Financial Services (IL&FS) but has yet to have any discussion on the matter, two sources from GAIL said on Friday.
The new board of shadow bank IL&FS, which has defaulted on some of its debt, has decided to sell off its assets as part of a restructuring plan.
The sources said GAIL would not consider buying the entire wind energy assets of IL&FS unless offered at a steep discount.
“GAIL is not aware that IL&FS is in the market to sell its wind energy assets. When they come to the market and to us, we will have a look at it,” said one of the officials.
IL&FS has an installed wind energy capacity of 775.2 MW, while GAIL, which wants to expand its renewable energy portfolio, owns 128 MW.
A GAIL spokesman did not respond to Reuters’ request for a comment, while IL&FS spokesman declined to comment.
