IL&FS Receives Binding Offer for Energy Advisory Business of IEDCL, Invites More EoIs
After receiving a binding offer, crisis-hit Infrastructure Leasing & Financial Services (IL&FS) has invited more expressions of interest (EoIs) for the sale of energy advisory business of IL&FS Energy Development Co Ltd (IEDCL). IL&FS and IL&FS group jointly hold 95.54% shares in IEDCL.
In a statement, IL&FS says, it has already received a binding offer for acquisition of the energy advisory business undertaking of IEDCL, along with all the assets and liabilities, as a going concern on a slump-sale basis, which will be subject to a bid process akin to the ‘Swiss challenge method’.
The energy advisory business undertaking of IEDCL has extensive experience in development of generation (conventional and non-conventional), transmission and distribution projects for third-party clients as well as in-house projects.
Eligible applicants have been asked to submit EoI by 5pm, on 7 December 2020.
IEDCL was incorporated in 2007 and started the energy advisory business in 2008. Its objective was to provide advisory services in the power sector and to develop, own and operate power generation and transmission assets in India and abroad.
Current mandates of IEDCL Advisory Business are the demand side management (DSM) projects of Energy Efficiency Services Ltd (EESL) and other advisory assignments. EESL projects are the biggest revenue driver, whereas the other projects are much smaller.