GAIL completes acquisition of IL&FS’s 26 pc stake in OTPC
State-owned gas utility GAIL NSE 1.39 % (India) Ltd on Tuesday said it has completed the acquisition of bankrupt Infrastructure Leasing and Financial Services’ (IL&FS) 26 per cent stake in ONGC Tripura Power Company (OTPC).
OTPC is a special purpose vehicle set up by Oil and Natural Gas Corporation (ONGC) to build a 726.6 megawatt combined cycle gas turbine (CCGT) thermal power plant at Palatana, Tripura. The IL&FS group and the Government of Tripura (GoT) were partners in the special purpose vehicle (SPV).
ONGC NSE 0.71 % holds 50 per cent 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.
