GAIL (India) acquires 26% stake in ONGC Tripura Power Company

GAIL (India) has acquired equity stake of 26% in ONGC Tripura Power Company (OTPC), which owns and operates a 726.6 MW gas-based combined cycle power plant in Palatana, Tripura.

The stake has been acquired from IL&FS Group companies namely, IL&FS Energy Development Company and IL&FS Financial Services.

GAIL had participated in an open bidding process of IL&FS and had emerged as the successful bidder. Being an integrated natural gas company, the acquisition would be synergistic and would enable GAIL to stronghold its presence in North Eastern Region of the country.

OTPC owns and operates a 726.6 MW (363.3 x 2) gas based combined cycle power plant in Palatana, Tripura. Apart from 26% equity acquired by GAIL from IL&FS Group, rest of the equity is held by ONGC (50%), Government of Tripura (0.50%) and India Infrastructure Fund GIP II (23.50%).

OTPC also has 26% equity investment in North East Transmission Company (NETC), a joint venture of OTPC, Powergrid and States of North Eastern Region, formed with an objective to develop transmission line to evacuate power from the 726.6 MW Gas Based power plant of OTPC.

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