GAIL completes acquisition of IL&FS’s 26 laptop stake in OTPC

State-owned fuel utility (India) Ltd on Tuesday mentioned it has accomplished the acquisition of bankrupt Infrastructure Leasing and Monetary Providers’ (IL&FS) 26 per cent stake in ONGC Tripura Energy Firm (OTPC).

OTPC is a particular function automobile arrange by Oil and Pure Gasoline Company (ONGC) to construct a 726.6 megawatt mixed cycle fuel turbine (CCGT) thermal energy plant at Palatana, Tripura. The IL&FS group and the Authorities of Tripura (GoT) had been companions within the particular function automobile (SPV).

holds 50 per cent curiosity within the firm within the venture that provides electrical energy to the northeastern states. Tripura authorities holds 0.5 per cent whereas India Infrastructure Fund II holds the steadiness 23.5 per cent stake.

“GAIL and IL&FS Group efficiently concluded the transaction whereby GAIL acquired an fairness stake of 26 per cent held by IL&FS Power Improvement Firm Ltd (IEDCL) and IL&FS Monetary Providers Ltd (IFIN) in ONGC Tripura Energy Firm Restricted (OTPC), which owns and operates a 726.6 MW gas-based mixed cycle energy plant in Palatana, Tripura,” the state-owned agency mentioned in a inventory alternate submitting.

GAIL had in November 2021 obtained the Nationwide Firm Regulation Tribunal (NCLT) approval for the acquisition.

The Tripura energy venture was arrange to make use of regionally produced pure fuel which was in any other case economically unviable to move fuel.

The 726.6 MW venture is an integral a part of the federal government’s efforts to develop infrastructure within the northeastern area and has been touted because the single-largest funding in northeast India.

The fuel to the Tripura venture is provided by ONGC’s 55 km pipeline.

As a part of its inexperienced vitality playbook, GAIL is focussing on constructing a clear vitality portfolio and the acquisition is a part of that plan.

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