OIL & GAS

GAIL gets NCLT nod to buy IL&FS group’s 26% stake in ONGC Tripura Power Co

State-owned GAIL today said the companies tribunal has granted approval for acquisition of 26% equity stake of Infrastructure Leasing & Financial Services (L&FS) group companies in ONGC Tripura Power Company Ltd (OTPC).

“The stake is being acquired from IL&FS Group companies namely IL&FS Energy Development Company Ltd (EDCL) and IL&FS Financial Services Ltd (IFIN),” GAIL said in a statement.

OTPC is a special purpose vehicle between ONGC, IL&FS Group and Government of Tripura (GoT) for setting up of a 726.6 MW combined cycle gas turbine (CCGT) thermal power plant at Palatana, Tripura.

ONGC holds 50% interest in the company in the project that supplies electricity to the northeastern states. Tripura government holds 0.5 per cent while India Infrastructure Fund II holds the balance 23.5 per cent stake.

Source
Livemint
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