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Swiss Challenge auction to decide the fate of Wind World’s distressed assets.

NARCL Puts ₹3,763 Crore Wind World Debt on Block, Omkara ARC Leads with Anchor Bid.                                                                                                                                                      

The National Asset Reconstruction Company (NARCL) has initiated the sale of ₹3,763 crore debt of Wind World India, with Omkara Asset Reconstruction Company (ARC) emerging as the anchor bidder. Omkara has placed an offer of around ₹1,250 crore, edging out Prudent ARC’s earlier bid of ₹1,200 crore. IDBI Capital Markets is advising on the process, which is being conducted under the Swiss Challenge method. NARCL had acquired Wind World’s distressed loans worth ₹1,672 crore about 18 months ago from a consortium of lenders, including SBI, PNB, Canara Bank, Bank of Baroda, and IDBI Bank. It currently holds 80% of the admitted debt of ₹4,710 crore. Once a leading wind turbine manufacturer with over 6,200 installations and 4,561 MW capacity, Wind World fell into financial trouble due to promoter disputes and unpaid dues. The Swiss Challenge auction is expected to conclude soon, marking a crucial step in its resolution process.