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GAIL completes acquisition of bankrupt IL&FS’ 26% stake in OTPC


MUMBAI :

Point out-owned gasoline utility GAIL (India) Ltd has finished the acquisition of bankrupt Infrastructure Leasing and Money Services’ (IL&FS) 26% stake in ONGC Tripura Ability Organization (OTPC), the firm explained Tuesday.

OTPC is a particular function car or truck shaped between ONGC, Governing administration of Tripura, IL&FS to set up and run 726.6 MW mixed cycle fuel turbine (CCGT) thermal electric power plant at Palatana, Tripura. The organization has acquired environmental approval to established up extra 2 units of 363 MW every single totaling 1453 MW.

ONGC retains 50% desire in the organization in the venture that materials energy to the northeastern states. Tripura governing administration holds .5% while India Infrastructure Fund II holds the balance 23.5%.

With this transaction, IL&FS has resolved a personal debt of approx. 3,656 crore – that formed component of the overall Group debt of approx. 99,000 crore, as of October 2018, the company reported.

“GAIL and IL&FS Team efficiently concluded the transaction whereby GAIL obtained an fairness stake of 26% held by IL&FS Energy Advancement Company Ltd (IEDCL) and IL&FS Fiscal Services Ltd (IFIN) in ONGC Tripura Energy Business Constrained (OTPC), which owns and operates a 726.6 MW gasoline-based mostly blended cycle electric power plant in Palatana, Tripura,” claimed Gail in a assertion.

GAIL had in November 2021 bought the Nationwide Corporation Regulation Tribunal (NCLT) acceptance for the acquisition.

The Tripura electrical power challenge was set up to use regionally produced all-natural fuel which was if not economically unviable to transport fuel. The fuel to the Tripura challenge is supplied by ONGC’s 55 km pipeline.

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