Omkara ARC bags Wind World India debt with Rs 1,225-cr bid

Mumbai, Oct 3 (PTI) Omkara Asset Reconstruction Company on Friday said it has bagged Rs 3,763 crore debt of the bankrupt Wind World India with a Rs 1,225-crore bid.

The Areion Group ARC said it has acquired the debt from the National Asset Reconstruction Company Ltd (NARCL), the state-run bad bank, under the Swiss challenge method, as per a statement.

The win will make the ARC as the lead decision maker in Wind World India's ongoing Corporate Insolvency Resolution Process (CIRP) as it has secured an 80 per cent voting share in the Committee of Creditors (CoC) with the Rs 1,225-crore investment.

WWIL, which was formerly known as Enercon India, operates 650 MW of renewable energy projects and manages the operations and maintenance for 4,500 MW of installed capacity across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Madhya Pradesh, as per the statement.

The Rs 3,763-crore debt was originally assigned to NARCL by a consortium of leading lenders nearly 18 months ago.

As the National Company Law Tribunal (NCLT) has permitted the withdrawal of the existing resolution plan, the path has now been cleared for inviting fresh expressions of interest from potential resolution applicants, the ARC statement added.

"Wind World India represents a critical piece of the country's renewable energy infrastructure, and we are proud to take the lead in unlocking its full potential," the group's Co-Founder and Managing Director Manish Lalwani said. PTI AA TRB