ONGC, GIP, Tripura govt look to buy IL&FS’s 26% stake in OTPC
NEW DELHI: State-run Oil and Natural Gas Corp. Ltd (ONGC), Global Infrastructure Partners (GIP) and the Tripura government are seeking to buy Infrastructure Leasing & Financial Services Ltd’s (IL&FS) 26% stake in the ₹3,804-crore ONGC Tripura Power Co. Ltd (OTPC), which runs the Palatana power project in Tripura.
The stakeholders have evinced interest in acquiring the stake held by the beleaguered IL&FS by leveraging the share-holder pact, which states that IL&FS should offload its share to stakeholders under distress conditions at a 20% discount on the ₹10 share face value.
The stake of IL&FS is to be proportionately divided among the shareholders.
