Debt-laden IL&FS plans to sell stake in Shendra Green Energy



has sought request for proposals to sell the stake of Energy Development Company Ltd (IEDCL) in Shendra Green Energy Ltd (SGEL).


SGEL is a 100 per cent subsidiary of IEDCL.





In an advertisement, has said that LSI Financial Services Pvt Ltd is the transaction advisor to IL&FS for the potential transaction.


SGEL is a 13 MW biomass-based power with 21.6 acres of land, incorporated on February 18, 2005 and is situated in Shendra MIDC Aurangabad, Maharashtra.


The company had signed PPA with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 13 years on October 12, 2006 and started commercial operation on December 7, 2008. Currently the plant is not in operation since June 2015.


On April 20, 2016, the Company had notified MSEDCL to terminate the PPA


IL&FS said that the eligible applicants have to submit the RFP by 6 p.m., August 30, 2021.


“IL&FS reserves the right to suspend, modify or terminate the potential transaction at any time without providing any reason or incurring any liability to any party,” the advertisement said.


–IANS


rrb/sn/in

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *