Crisis-hit IL&FS plans to divest its 26% stake in OTPC, invites bidding

In terms of eligibility for bidding, corporate bodies should have a minimum net worth of Rs 150 crore as per the audited balance sheet as of March 31, 2019 or later

Moving ahead with its asset monetisation process, IL&FS has invited expressions of interest (EoI) to divest the 26 per cent stake the crisis-hit company holds through IFIN and IEDCL.

Through IEDCL, IL&FS holds 12.03 per cent and through IFIN, the group holds 13.97 per cent.

The other shareholders of OTPC are state-run ONGC, with 50 per cent stake, IndiaInfrastructure Fund-II with 23.5 per cent, managed by Global Infrastructure Partners and the Government of Tripura holding 0.5 per cent stake.

ONGC Tripura Power Company (OTPC) operates a fully operational natural gas-based 726.6 MW power plant located in Palatana, Tripura, supplying power