NCLT's nod to GAIL for buying IL&FS 26% stake in OTPC

New Delhi: A quasi-judicial body in India NCLT known as the National Company Law Tribunal gave approval to the state-owned gas utility GAIL (India) Ltd's acquisition of bankrupt Infrastructure Leasing and Financial Services 26 per cent stake in ONGC Tripura Power Company (OTPC), the statement said by GAIL on Friday.

According to PTI, "NCLT has granted approval for the acquisition of 26 per cent equity stake of Infrastructure Leasing & Financial Services (IL&FS) Group by GAIL (India) Ltd in OTPC," GAIL said in a stock exchange filing.

OTPC is a division of Oil and Natural Gas Corporation which is under the ownership of Ministry of Petroleum and Natural Gas, Government of India. It is first government owned-power plant in India & also known as the biggest Plant in Northeast India. The Generation Project is being domiciled in ONGC Tripura Power Company Ltd. ("OTPC" or "the Company"), a Special Purpose Vehicle promoted by ONGC, IL&FS Limited and Government of Tripura (GoT).

 

The company is applying to MoP, GoI for final approval of MPP status and the same is expected to be obtained shortly. For evacuating Power from the gas based 726.6 MW power Project Generators, a trunk transmission line is being developed by another Special Purpose Vehicle (SPV), jointly promoted by Power Grid Corporation Ltd., OTPC and the North Eastern Region (NER) states.

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