NEW DELHI: Lenders have recommended Suraksha Asset Reconstruction Company-led consortium’s plan to acquire a 76% stake in insolvency-hit Wind World India, a renewable energy equipment maker, in a Rs 1,100 crore deal.
Wind World, which was earlier called Enercon India, has annual capacity to manufacture wind mills of around 1,100 MW and has O&M contracts for around 4500 MW. The company’s dues to financial and operational creditors was estimated at Rs 6,000 crore with the liquidation value pegged at Rs 453 crore. Apart from the cash payment, the consortium has also offered 24% equity to the lenders.
Lenders opted for the Sudhir Valia-promoted Suraksha ARC over Mauritius-based fund Albula Investment as the Indian consortium was willing to pay Rs 600 crore upfront, compared to the rival which was paying Rs 100 crore initially, sources told TOI.
Albula’s planned to pay the remaining amount over eight-and-a-half years through the sale of company’s assets and cashflows. As a result, lenders negotiated a deal with the Suraksha-led consortium, which sweetened the offer to Rs 900 crore, including payments to workers and provident fund.
Source: timesofindia.indiatimes
