GAIL completes acquisition of IL&FS’ 26 per cent stake in OTPC

GAIL has completed the acquisition of a 26 per cent stake of Infra­struc­ture Leasing and Financial Services (IL&FS) in the ONGC Tripura Power Com­­pany (OTPC). OTPC is a special purpose vehicle (SPV) set up by ONGC to build a 726.6 MW combined cycle gas turbine thermal power plant at Palatana, Tripura. Prior to this acquisition, ONGC held a 50 per cent stake in OTPC, IL&FS owned 26 per cent, India Infra­structure Fund II owned 23.5 per cent and the Tripura government owned 0.5 per cent.