November 16, 2018 / 11:16 AM / a month ago

GAIL might buy some wind energy assets of IL&FS: sources

Birds fly past the logo of India's state-owned natural gas utility GAIL (India) Ltd installed on its corporate office building in New Delhi, India, April 26, 2018. REUTERS/Adnan Abidi

NEW DELHI (Reuters) - 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.

Reporting by Nidhi Verma; Editing by Subhranshu Sahu

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