Japanese company Orix Corporation is planning to buy outstanding 51% stakes in seven wind farms totalling 874MW in India from IL&FS Group.
Orix already owns 49% of the projects and plans to secure the remaining interests by exercising an option under the terms of a memorandum of understanding with IL&FS Group.
The option allows Orix to match the price offered by the highest bidder for purchasing the stakes in a public sale.
IL&FS Group said that following a publicly conducted sale process Indian energy company Gail had emerged as the highest bidder with an offer of Rs4800 crores (€671m).
It added that completion of the sale to Orix is subject to the satisfaction of all compliances and approvals required under applicable laws.
The sale is expected to close by the end of June.