The deal is expected to close within three weeks.GAIL (India) Ltd is set to complete the purchase seven wind power plants from debt-ridden Infrastructure Leasing and Financial Services (ILFS), after offering Rs 4,800 crore ($689.3 million), ILFS said on Monday.The deal is expected to close within three weeks.GAIL's offer contemplates no hair-cut to the debt of the plants, which is around Rs 3,700 crore, ILFS said.Last year, sources told Reuters that GAIL would not consider buying the entire wind energy assets of ILFS unless offered at a steep discount.The government replaced ILFS' entire board earlier this month after recent defaults on some of its debt obligations triggered sharp declines in stock and debt markets, leading to fears about contagion in the financial sector.ILFS has initiated the sale several assets, including road and education, to pay off its debt.($1 = Rs 69.63)Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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