Omkara Asset Reconstruction Company (ARC) announced on Friday that it has acquired Rs 37.63 billion of debt belonging to bankrupt Wind World India Ltd (WWIL) with a Rs 12.25 billion bid.

The Areion Group-owned ARC secured the acquisition from the National Asset Reconstruction Company Ltd (NARCL) — the state-run ‘bad bank’ — through the Swiss challenge method, according to an official statement.

With this acquisition, Omkara ARC becomes the lead decision-maker in Wind World India’s ongoing Corporate Insolvency Resolution Process (CIRP), having gained an 80 per cent voting share in the Committee of Creditors (CoC) through its investment.

Formerly known as Enercon India, Wind World India operates 650 MW of renewable energy projects and manages operations and maintenance (O&M) for 4,500 MW of installed capacity across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Madhya Pradesh, the statement said.

The Rs 37.63 billion debt was originally transferred to NARCL by a consortium of lenders around 18 months ago. Following approval from the National Company Law Tribunal (NCLT) to withdraw the earlier resolution plan, the process is now open for fresh expressions of interest from new resolution applicants.

Commenting on the acquisition, Manish Lalwani, Co-founder and Managing Director of the Areion Group, said,

“Wind World India represents a vital part of the country’s renewable energy infrastructure, and we are proud to lead efforts to unlock its full potential.”