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IL&FS Wind, Orient Green wind biz merger talks hit a wall

IL&FS Wind, Orient Green wind biz merger talks hit a wall


Talks between Orient Green Power Company and IL&FS Wind Energy for merger of their wind businesses have run into a roadblock, with the exclusivity window expiring on August 31. This means they are now free to negotiate with any entity in this regard. Earlier in January, Orient Green Power Company had informed stock exchanges its negotiations with IL&FS on the potential merger of their wind businesses. “The company informed stock exchanges on April 13, 2017, further extension of the exclusivity period of the confidentiality and exclusivity agreement as mutually agreed by both the parties, which was completed on August 31, 2017. Now, both parties are free to negotiate with anyone,” Orient Green Power Company said in a BSE filing today.
According to the statement, the board of Orient Green Power Company had approved entering into exclusive discussions with IL&FS Wind Energy to evaluate the potential merger. Both had got into an exclusivity period of 90 days, which was intimated to the exchanges on January 19. Orient Green Power Company is an independent operator and developer of renewable power plants based on aggregate installed capacity. According to its website, the current portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development. As of May 2017, its operating projects included 530.63 mw of aggregate installed capacity, which comprises 424.63 mw of wind projects and 106 mw of biomass. IL&FS Wind Energy has an installed wind capacity of over 775 mw.

Source: PTI
Anand Gupta Editor - EQ Int'l Media Network


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