MUMBAI :
State-owned gasoline utility GAIL (India) Ltd has accomplished the acquisition of bankrupt Infrastructure Leasing and Monetary Providers’ (IL&FS) 26% stake in ONGC Tripura Energy Firm (OTPC), the corporate stated Tuesday.
OTPC is a particular function car fashioned between ONGC, Authorities of Tripura, IL&FS to arrange and function 726.6 MW mixed cycle gasoline turbine (CCGT) thermal energy plant at Palatana, Tripura. The corporate has received environmental approval to arrange extra 2 models of 363 MW every totaling 1453 MW.
ONGC holds 50% curiosity within the firm within the challenge that provides electrical energy to the northeastern states. Tripura authorities holds 0.5% whereas India Infrastructure Fund II holds the stability 23.5%.
With this transaction, IL&FS has resolved a debt of approx. ₹3,656 crore – that fashioned a part of the general Group debt of approx. ₹99,000 crore, as of October 2018, the corporate stated.
“GAIL and IL&FS Group efficiently concluded the transaction whereby GAIL acquired an fairness stake of 26% held by IL&FS Power Growth 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,” stated Gail in a press release.
GAIL had in November 2021 received the Nationwide Firm Legislation Tribunal (NCLT) approval for the acquisition.
The Tripura energy challenge was arrange to make use of domestically produced pure gasoline which was in any other case economically unviable to move gasoline. The gasoline to the Tripura challenge is provided by ONGC’s 55 km pipeline.
Supply: Live Mint