NLCT OKs acquisition of IL&FS's stake in OTPC by GAIL

Gail (India) said that the National Company Law Tribunal has granted approval for acquisition of IL&FS Group's 26% equity stake in ONGC Tripura Power Company (OTPC).

The stake is being acquired from Infrastructure Leasing & Financial Services (L&FS) Group companies namely IL&FS Energy Development Company (EDCL) and IL&FS Financial Services (IFIN).

"The closing of transaction is yet to take place and actions are being taken by IL&FS and GAIL for the same, the company said in a statement

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.

 

The company reported 159% rise in consolidated net profit to Rs 2,883 crore in Q2 FY22 from Rs 1,112 crore in Q2 FY21. Net sales during the quarter increased by 67% YoY to Rs 21,758 crore.

The scrip advanced 0.20% to currently trade at Rs 151.80 on the BSE.

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