GAIL (India) spurts on completing acquisition of 26% stake in ONGC Tripura Power Company

GAIL (India) advanced 2.52% to Rs 136.10 after the state-run firm acquired 26% equity stake held by IL&FS Energy Development Company (IEDCL) and IL&FS Financial Services (IFIN) in ONGC Tripura Power Company (OTPC).

GAIL (India) and IL&FS Group concluded the transaction, wherein GAIL acquired equity stake of 26% held by IL&FS Energy Development Company (IEDCL) and IL&FS Financial Services (IFIN) in ONGC Tripura Power Company (OTPC), which owns and operates a 726.6 MW (mega-watt) gas-based combined cycle power plant in Palatana, Tripura.

On 5 November 2021, the National Company Law Tribunal (NCLT) had granted approval for the acquisition of 26% equity stake of Infrastructure Leasing & Financial Services (IL&FS) Group by GAIL (India) in ONGC Tripura Power Company (OTPC).

The company reported 159.3% jump in consolidated net profit to Rs 2,883.30 crore in Q2 FY22 from Rs 1,111.78 crore in Q2 FY21. Net sales during the quarter increased by 57.7% Y-o-Y (year-on-year) to Rs 21,758.05 crore.

GAIL (India) is an integrated energy company in the hydrocarbon sector and is engaged in gas marketing. The Government of India held 51.85% stake in the company as of 30 September 2021.

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