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Adani Power, NLC, & Indonesia’s Adaro, eyeing IL&FS assets

The debt-laden IL&FS group is also hoping to sell its stake in a Singapore-based investment vehicle, ILFS Maritime Offshore Pte Ltd and a captive port associated with the power company
New Delhi: About a dozen companies, including Indonesia’s Adaro Energy, Adani Power and state-owned NLC India, are eyeing interest in Infrastructure Leasing and Financial Services (IL&FS) Tamil Nadu Power and other related assets of IL&FS group, sources said. Besides the thermal plant, the debt-laden group is also hoping to sell its stake in a Singapore-based investment vehicle, ILFS Maritime Offshore Pvt Ltd and a captive port associated with the power company. The power plant in Cuddalore has a capacity to generate 1,200-MW and can be increased by 2,700 MW more. Porto Novo Maritime, the captive port, is used for the import and transfer of coal to the plant. With Alvarez & Marsal as its resolution consultant, Arpwood and JM Financial are advising on the bids. “IL&FS has got 12 expressions of interest (EoIs) for the Cuddalore power plant and other assets. The EoIs came in and now companies will submit their financial bids,” the source said. The company's spokesperson Sharad Goel declined to comment.

IL&FS EWT under scanner

The IL&FS Employee Welfare Trust (EWT) is being investigated by the Enforcement Directorate (ED) for possible irregularities, extending its probe into alleged money laundering connected to subsidiaries of IL&FS. “As much as 13.64% shareholding of the debt-laden company is held by the employee trust, of which the principal beneficiaries are the senior management of IL&FS, including its former CMD Ravi Parthasarathy, former director Hari Sankaran an and others,” stated the February 19 enforcement case information report (ECIR). “The accused Ravi Parthasarathy, Hari Sankaran and others, in order to increase the fund base and investor base and to lure them into making investments at each stage and sub-stage, have created a myriad, complex and non-transparent structure and a web of companies which have been initially promoted by IL&FS and subsequently by those companies itself.”