INSUBCONTINENT EXCLUSIVE:
MUMBAI: Indonesian coal miner Adaro, Adani Power and state-run NLC India are among a dozen companies that have expressed interest in buying
ILFS Tamil Nadu Power and related assets of the debt-laden ILFS group, two people familiar with the matter said.
Along with the thermal
plant in Cuddalore, the group is looking to sell its stake in a captive port associated with the power company
Also on the block is a Singapore-based investment vehicle, ILFS Maritime Offshore Pte Ltd, which owns a coal mining company in
Indonesia.
The power plant currently has a capacity to produce 1,200-MW, which can be increased by another 2,700 MW
The captive port, Porto Novo Maritime, is used for the import and transfer of coal to the plant
comment.
ILFS has put on the block several assets, ranging from roads, ports and wind power projects to raise funds and pay creditors
It has also received over a dozen expressions of interest for its renewable energy business
ILFS has been under pressure after it began defaulting on repayments in August
Since then, the government has constituted a new board at the company, which has approached courts seeking a moratorium on loan
repayment.
The company has debt of ?91,000 crore
The bankruptcy court has asked it to use cash flows from 22 companies that are solvent to pay lenders
Interest has come for a 91.38% stake in the power company held by ILFS Energy Development, the people said
There are also bids for the entire stakes of Porto Novo Maritime and ILFS Maritime Offshore.
