Japan's ORIX Corp offers to match GAIL's bid for IL&FS Wind Energy

GAIL’s ambition to expand its renewable portfolio through Il&FS’ wind portfolio faces a new hurdle. ORIX Corporation of Japan (ORIX) has now expressed its intent to exercise its right to buy out the remaining stake in IL&FS Wind Energy.ORIX owns 49 per cent stake in IL&FS’ wind portfolio, and GAIL has emerged the highest bidder for the remaining 51 per cent stake in these assets, which are held by the IL&FS group. “ORIX has expressed its intent to buy out the remaining 51 per cent stake held by IL&FS Wind Energy,” an IL&FS group statement said on Sunday. The statement added: “This intent to buy 51 per cent stake is in exercise of ORIX’s right under the terms of an existing Memorandum of understanding (MoU) wherein ORIX can match the price offered by the highest bidder for purchasing IL&FS Wind Energy’s stake in the wind special purpose vehicles (SPVs).”