Omkara buys World Wind India debt for ₹1,225 cr
The sale was conducted through a Swiss challenge auction, which concluded with Omkara ARC emerging as the final bidder on Wednesday.
The anchor bid in the process was placed by Omkara at ₹1,225 crore, which did not see another bid. Prudent ARC had participated with an offer of ₹1,200 crore in the initial round but decided not to revise its bid. Under the Swiss challenge rules, the bidder was required to offer at least 5 per cent higher than the anchor bid, which would have pushed the number to around ₹1,300 crore. World Wind India is a renewable energy company which was once among the country’s largest wind turbine makers with more than 6,200 converters and 4,561 MW of installed capacity. It slipped into distress after a bitter dispute between joint venture partners - Germany’s Enercon and brothers Yogesh and Ajay Mehra.While the Mehras alleged Enercon attempted a hostile takeover, the German partner accused them of fund diversion. Mounting dues pushed IDBI Bank to file for insolvency against the company in 2018.
About 18 months ago, NARCL acquired Wind World’s loans for ₹672 crore from lenders including SBI, PNB, Canara Bank, BoB, BoI, Central Bank of India, Axis Bank and IDBI Bank. Following this, the committee of creditors was reconstituted on March 28, 2024, with NARCL holding 80 per cent of the admitted ₹4,710 crore debt, while IDBI Bank and Sipla Wind Energy hold 4.81 per cent and 4.29 per cent respectively.
NARCL, through its recovery arm India Debt Resolution Company (IDRCL) and with IDBI Capital Markets as advisor, launched the Swiss Challenge process and sold the debt.
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