IL&FS receives binding offer for IEDCL, invites more EoIs

IL&FS has invited Expressions of Interest (EoI) for the sale of its energy advisory business undertaking of IL&FS Energy Development Company Ltd (IEDCL).

The crisis-hit infrastructure lending major has already received a binding offer which will be subject to bid process akin to the ‘Swiss Challenge Method’, IL&FS said in an advertisement seeking EoIs.

IL&FS and IL&FS group collectively hold 95.54 per cent of the total issued and paid-up equity share capital of IEDCL.

It said that the energy advisory business undertaking of IEDCL has extensive experience in development of generation (conventional and non-conventional), transmission and distribution projects for both, third party clients and in-house projects.

Eligible applicants have been asked to submit EoI by 5 p.m., December 7.

IL&FS Energy Development Company Limited (IEDCL) was incorporated in 2007 and started the Energy Advisory Business in 2008. Its objective was to provide advisory services in the power sector and to develop, own and operate power generation and transmission assets in India and abroad.

Current mandates of IEDCL Advisory Business are the Demand Side Management (DSM) projects of Energy Efficiency Services Limited (EESL) and other advisory assignments. The EESL projects are the biggest revenue driver whereas the other projects are much smaller.