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

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

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.

Image Source

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. Image Source

Next Story
Infrastructure Energy

GAIL to Set Up Bengaluru CBG Plant Under New Concession Pact

GAIL (India) Limited has signed a 20-year concession agreement with the Bengaluru City Municipal Corporation (BBMP) to set up a compressed biogas (CBG) plant in the city. The project, expected to produce around 10 tonnes of CBG daily, will utilise municipal solid waste as feedstock, contributing to clean energy generation and efficient waste management. The CBG produced will be used in GAIL’s City Gas Distribution network to promote cleaner fuel usage. The initiative aligns with the government’s Sustainable Alternative Towards Affordable Transportation (SATAT) scheme and GAIL’s broader ..

Next Story
Infrastructure Energy

Uttarakhand HC Lifts 31-Year Ban on ONGC’s Contractual Hiring

The Uttarakhand High Court has lifted a 31-year-old ban on the Oil and Natural Gas Corporation (ONGC) from hiring contractual workers, a restriction imposed in 1993. The decision enables ONGC’s Dehradun establishment to employ personnel on a contractual basis to meet operational requirements. The long-standing prohibition had limited ONGC’s ability to fill vacancies in its technical and administrative departments, often leading to project delays and higher dependence on outsourcing. With the court’s directive, the public sector enterprise can now proceed with temporary recruitments whil..

Next Story
Infrastructure Energy

JSW Energy’s Utkal Unit Bags 400 MW, 25-Year Power Supply Deal

JSW Energy Limited announced that its subsidiary, JSW Energy (Utkal) Limited, has secured a Letter of Award (LoA) from Karnataka’s Power Company of Karnataka Limited (PCKL) for the supply of 400 MW of electricity for 25 years. The agreement is part of a competitive bidding process for long-term procurement of power to meet the state’s growing energy demand. The 400 MW capacity will be supplied from JSW Energy’s upcoming thermal power project in Odisha. This development strengthens JSW Energy’s presence in the southern market and aligns with its strategy to enhance long-term contracte..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?