IL&FS Group begins process to sell its stake in renewable energy business

The IL&FS new board expects to complete the resolution process, in stages, over the next two-three quarters

Cash-strapped Infrastructure Leasing & Financial Services (IL&FS) Group on Wednesday said that it has initiated a process to sell its stake in the renewable energy business.

The renewable assets of the group include operating wind power plants with an aggregate capacity of 873.5-mw, and under-construction wind power plants worth 104 mw capacity. It also includes the solar power business, under which it has around 300-mw of under-construction projects.

Last week, the infra lender had announced plans to divest its stake in IL&FS Securities Services and