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: