IL&FS plans Singapore IPO for wind power

Infrastructure Leasing & Financial Services Ltd (IL&FS), an Indian company whose shareholders include Japan’s Orix Corp and Abu Dhabi Investment Authority, is planning an initial public offering (IPO) of its wind power unit in Singapore, said three people with knowledge of the matter.

The company may file an initial application in the fourth quarter and is seeking to do the share sale in 2013, said two of the people, who asked not to be named as the details are private. IL&FS may seek to raise about $250 million through the IPO, the people said.

Arun Saha, joint managing director and chief executive officer of IL&FS, didn’t respond to requests for comment on the proposed sale. Indian companies including Fortis Healthcare India and Reliance Communications have already chosen Singapore for their share sales.

Fortis plans to raise S$500 million ($407 million) from a Singapore IPO this year, two people with knowledge of the matter told Bloomberg in March. Fortis had sought to list as a business trust that would be backed by the assets of its Indian hospitals, one person said. IL&FS is involved in developing 8,000 megawatts of power and 5,000 km of transmission lines with investments of Rs 45,000 crore ($8.4 billion), according to its website. It has wind energy projects in the states of Tamil Nadu and Rajasthan.

Deutsche Bank AG, JPMorgan Chase & Co and Nomura Holdings are among the banks chosen to manage the share sale, the people said. Officials at Deutsche Bank, Nomura and JPMorgan declined to comment.