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LONDON (Alliance News) - Infrastructure India PLC on Friday said it agreed to sell its subsidiary, wind farm operator Indian Energy Ltd, to ReNew Power Services Private Ltd for GBP4.0 million in cash.
The investment company said that it expects to receive funds upon completion of the acquisition, which is anticipated in around 60 to 90 days, to pay down a proportion of the existing debt.
It also said that Greenstone Energy Advisors acted as the financial advisor to the IIP Group for this transaction.
Infrastructure India said that Indian Energy operates wind farms at two sites in the states of Karnataka and Tamil Nadu, which carry a value of GBP9.9 million.
Shares in Infrastructure India were 6.3% lower at 3.00 pence on Friday.