Business

IL&FS unit to sell defunct green energy plant


Shendra Green Energy Ltd. (SGEL), a 100% subsidiary of IL&FS Energy Development Co. Ltd. (IEDCL), has invited request for proposal from potential buyers to sell its parent’s entire stake.

SGEL is a 13 MW biomass-based power plant with 21.6 acre of land located in Shendra MIDC, Aurangabad.

IEDCL had acquired 100% equity stake in GAPS from the GMS Group in December 2010.

Prior to that, the company had signed PPA with Maharashtra State Electricity Distribution Company Ltd. for 13 years in October, 2006 and started commercial operations in December, 2008.

The plant has not been in operation since June 2015 and the company in FY21 reported provisional loss of ₹12.1 crore. Its assets are valued at ₹11.59 crore while its net debt is ₹107. 02 crore according to a presentation.



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