The National Company Law Tribunal has approved State-owned gas utility GAIL (India) Ltd’s acquisition of bankrupt Infrastructure Leasing and Financial Services’ 26 per cent stake in ONGC Tripura Power Company (OTPC), GAIL said on Friday.
OTPC is a special purpose vehicle between Oil and Natural Gas Corporation (ONGC), IL&FS Group and Government of Tripura (GoT) for setting up of a 726.6 MW combined cycle gas turbine (CCGT) thermal power plant at Palatana, Tripura.
ONGC 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.
