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

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

SGEL is a 100 per cent subsidiary of IEDCL.

In an advertisement, IL&FS 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.

BS