GAIL (India) gets NCLT approval for stake acquisition in ONGC Tripura Power Company

GAIL (India) Limited has secured approval from the National Company Law Tribunal (NCLT) for its previously announced acquisition of a 26% stake in ONGC Tripura Power Company (OTPC) from Infrastructure Leasing & Financial Services (IL&FS).

The Indian government-owned natural gas transmission company is acquiring the stake from IL&FS Group companies — IL&FS Energy Development Company (IEDCL) and IL&FS Financial Services Ltd (IFIN).

GAIL (India) said that the deal is yet to be closed and actions are being taken by the company and IL&FS towards the same.

ONGC Tripura Power Company owns a 726.6MW combined cycle gas turbine (CCGT) thermal power plant in Palatana, Tripura.