Mumbai: GAIL NSE -1.81 % has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure investment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC NSE -0.65 % Tripura Power Company (OTPC) at a valuation of ₹1,500 crore, two people aware of the development told ET.
PwC India is advising GAIL, India’s largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-based power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner
