GAIL India acquires 26Percentage stake in ONGC Tripura Power Company

9 Jan 2022 , 01:34 AM

GAIL India has acquired equity stake of 26Percentage in ONGC Tripura Power Company OTPC which owns and operates a 7266 MW gas-based combined cycle power plant in Palatana Tripura The stake has been acquired from ILFS Group companies namely ILFS Energy Development Company and ILFS Financial Services GAIL had participated in an open bidding process of ILFS and had emerged as the successful bidder Being an integrated natural gas company the acquisition would be synergistic and would enable GAIL to stronghold its presence in North Eastern Region of the country OTPC owns and operates a 7266 MW 3633 x 2 gas based combined cycle power plant in Palatana Tripura Apart from 26Percentage equity acquired by GAIL from ILFS Group rest of the equity is held by ONGC 50Percentage Government of Tripura 050Percentage and India Infrastructure Fund GIP II 2350Percentage OTPC also has 26Percentage equity investment in North East Transmission Company NETC a joint venture of OTPC Powergrid and States of North Eastern Region formed with an objective to develop transmission line to evacuate power from the 7266 MW Gas Based power plant of OTPC