Macquarie Is Said to Be Among Parties Interested in IL&FS Assets

Macquarie Infrastructure & Real Assets and NTPC Ltd., India’s largest power utility, are among companies interested in buying some of the renewable energy assets of beleaguered shadow financier Infrastructure Leasing & Financial Services Ltd., people familiar with the matter said. GAIL India Ltd. and Solar Energy Corporation of India have also submitted expression of interest to buy the assets, the people said asking not to be identified as the information isn’t public, Bloomberg News reported. IL&FS is expecting the sale of wind and solar energy assets to fetch as much as 80 billion rupees ($1.14 billion), one of the people said. Discussions are at an early stage, and may not result in a deal, the people said. The asset sales are key to reviving IL&FS, whose defaults sparked fears of a contagion across the financial system in India. The group, which had total debt of $12.6 billion as of March 31, has been defaulting on loans and bonds since August. Sharad Goel, spokesman for IL&FS, and a representative for Macquarie in Mumbai, declined to comment. Read more