IL&FS Group sells stake in ONGC Tripura to GAIL for Rs 319 crore
The IL&FS Group has sold its 26 per cent stake in ONGC Tripura Power Company (OTPC) to GAIL (India) for Rs 319 crore. According to officials in the know, this amount will be credited to IL&FS’s cash balance and disbursed according to the resolution plan approved by the National Company Law Appellate Tribunal (NCLAT).
The 26 per cent stake that IL&FS held in OTPC was valued at Rs 1,227 crore for this transaction. According to an IL&FS statement, around Rs 3,656-crore debt, estimated to be part of the overall debt around Rs 99,000 crore (as on October 2018) of the group, has been resolved through this transaction.
IL&FS Group held the 26 per cent stake in OTPC through two subsidiaries. IL&FS Energy Development Company (IEDCL) held a 12 per cent stake and IL&FS Financial Services (IFIN) held the rest.
