GAIL bags 26% stake of IL&FS in ONGC Tripura Power Co

11 Jan 2022 CW Team

Gas Authority of India Limited (GAIL) said that the company has completed acquiring Infrastructure Leasing and Financial Services (IL&FS) 26% stake in Oil and Natural Gas Corporation (ONGC) Tripura Power Company Limited (OTPC).

Tripura Power Company is a Special Purpose Vehicle (SPV) set up by ONGC to build a 726.6 MW combined cycle gas turbine (CCGT) thermal plant in Tripura. IL&FS and the Tripura government were in partnership in the SPV.

ONGC holds 50% interest in the company's electricity supplies project to the North-East states, the state government holds 0.5%, while India Infrastructure Fund II holds the rest 23.5% stake.

According to a report, GAIL and IL&FS completed the transaction. GAIL had acquired a 26% stake of IL&FS Energy Development Company Limited (IEDCL) and IL&FS Financial Services Limited (IFIN) in OTPC.

Last year in November, GAIL received approval from the National Company Law Tribunal (NCLT) for the acquisition of stake.

The thermal power project was aiming to produce natural gas, which is economically unviable to transport gas. ONGC supplies gas to Tripura through a 55 km pipeline.

OTPC's 726.6 MW project is an effort to develop infrastructure in the North-East region of the country and has become the single-largest investment in the region.

GAIL aims to build a clean energy portfolio, and the acquisition is a part of the green energy plan.

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