ONGC, GIP, Tripura govt look to buy IL&FS’s 26% stake in OTPC


ONGC, GIP, Tripura govt look to buy IL&FS’s 26% stake in OTPC

State-run Oil and Natural Gas Corp. Ltd (ONGC), Global Infrastructure Partners (GIP) and the Tripura government are seeking to buy Infrastructure Leasing & Financial Services Ltd’s (IL&FS) 26% stake in the ₹3,804-crore ONGC Tripura Power Co. Ltd (OTPC), which runs the Palatana power project in Tripura.

The stakeholders have evinced interest in acquiring the stake held by the beleaguered IL&FS by leveraging the share-holder pact, which states that IL&FS should offload its share to stakeholders under distress conditions at a 20% discount on the ₹10 share face value.

The stake of IL&FS is to be proportionately divided among the shareholders. Oil and Natural Gas Corp. Ltd has a 50% stake in the project, IL&FS holds 26%, and GIP has a 23.5% stake Read More

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