Indian infrastructure development and finance company IL&FS has invited bids for its stake in its subsidiary, the IL&FS Tamil Nadu Power Company (ITPCL), the Hindu Business Line has reported.
The final date for expressions of interest is 18 December 2023.
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ITPCL is one of the biggest assets in the IL&FS Energy Development Company (IEDCL) portfolio.
The company owns a 92.42% equity stake in ITPCL, worth Rs4.2bn ($50.4m).
The sale is part of a framework to restructure IEDCL’s outstanding debt with approval from lenders. It is currently in a filing process at the National Company Law Appellate Tribunal to convert from an amber to a green category company.
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In September 2023, the Economic Times reported that a majority of IL&FS’ lenders approved the restructuring plan to redistribute Rs3.13bn. The loan repayment schedule was extended until March 2038. Non-convertible debentures will be redeemed by March 2040.
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By GlobalDataITPCL was formed to build a 3.18GW thermal power plant. It is currently operating a 1.2GW power plant featuring two 600MW units based in Cuddalore in the southern state of Tamil Nadu.
It has a 15-year long-term power purchase agreement to sell the power from one of the units in Cuddalore to the Tamil Nadu Generation and Distribution Company.
The company also owns a licence to mine coal on a 5,900-hectare site in Upau, South Kalimantan, Indonesia, and is building a port next to the power plant.
