IL&FS to sell its stake in ONGC Tripura Power
HYDERABAD: Crisis-hit IL&FS has invited expressions of interest (EoIs) for the purchase of its stake in ONGC Tripura Power Company (OTPC) joint venture on Monday. The company holds 26 per cent stake in the gas-based power plant — 12.03 per cent stake through IEDCL and 13.97 per cent stake via IFIN. The other shareholders include state-run ONGC with 50 per cent stake, India Infrastructure Fund-II with 23.5 per cent, managed by Global Infrastructure Partners and the Government of Tripura with 0.5 per cent stake.
The last date to submit bids is June, 8. 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, 2019 or later. Similarly, unvestment funds, including private equity funds should have minimum assets under management in India of Rs 600 crore, or committed funds available for investment or deployment in companies incorporated in India of at least Rs 600 crore, as of March 2019, or later.
