GAIL India Ltd., a natural gas processing and distribution company, has agreed to acquire an 874 megawatts operational wind energy portfolio for 4,800 crore rupees ($688.3 million).
GAIL intends to acquire the assets from Infrastructure Leasing and Financial Services Ltd.
The equity value on these assets will be $158 million and the proceeds from the sale will be used to pay down credit on the wind power special purpose vehicles.
The sale, expected to close in three weeks, is subject to various approvals, including from a foreign equity partner in the assets and company law tribunals.