{"id":13262,"date":"2022-01-04T20:51:54","date_gmt":"2022-01-04T15:21:54","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-ld-gail-acquisition\/"},"modified":"2022-01-04T20:51:54","modified_gmt":"2022-01-04T15:21:54","slug":"biz-ld-gail-acquisition","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-ld-gail-acquisition\/","title":{"rendered":"GAIL buys IL&#038;FS&#8217;s 26 pc stake in OTPC for Rs 1,227 cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1400503621\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Jan 4 (PTI) State-owned gas utility GAIL (India) has completed the acquisition of bankrupt Infrastructure Leasing and Financial Services&#8217; 26 per cent stake in ONGC Tripura Power Company (OTPC) for Rs 1,227 crore, the two firms said on Tuesday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1630391618\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> OTPC is a special purpose vehicle set up by Oil and Natural Gas Corporation (ONGC) to build a 726.6 megawatt combined cycle gas turbine thermal power plant at Palatana, Tripura.<\/p>\n<p> The IL&#038;FS group and Government of Tripura were partners in the special purpose vehicle (SPV). ONGC holds 50 per cent interest in the company that supplies electricity to northeastern states.<\/p>\n<p> Tripura government holds 0.5 per cent while India Infrastructure Fund II holds the balance 23.5 per cent stake.<\/p><div class=\"trade-content_5\" id=\"trade-423233204\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;GAIL and IL&#038;FS Group successfully concluded the transaction wherein GAIL acquired an equity stake of 26 per cent held by IL&#038;FS Energy Development Company Ltd (IEDCL) and IL&#038;FS Financial Services Ltd (IFIN) in OTPC, which owns and operates a 726.6 MW gas-based combined cycle power plant in Palatana, Tripura,&#8221; the state-owned firm said in a stock exchange filing.<\/p>\n<p> In a separate statement, IL&#038;FS said it has completed sale of its 26 per cent stake in OTPC to GAIL at an aggregate valuation of Rs 1,227 crore.<\/p>\n<p> &#8220;With this transaction, IL&#038;FS has resolved a debt of approx Rs 3,656 crore that formed part of the overall Group debt of approx Rs 99,000 crore, as of October 2018,&#8221; it said without giving details.<\/p>\n<p> IL&#038;FS Group held stake in OTPC through two subsidiaries &#8211; about 12 per cent held by IEDCL and 14 per cent held by IFIN.<\/p>\n<p> &#8220;The Group has duly received an aggregate sum of Rs 319 crore for its 26 per cent stake from GAIL in the two companies thereby closing this stake sale transaction,&#8221; the IL&#038;FS statement said.<\/p>\n<p> OTPC has been categorized as a green company and has an aggregate debt of about Rs 3,000 crore which will continue to be serviced under new shareholding.<\/p><div class=\"trade-content-10\" id=\"trade-3000562694\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> &#8220;The IL&#038;FS New Board, in its latest updates, had announced that the IL&#038;FS Group has resolved over Rs 52,000 crore debt while maintaining its overall Group debt resolution estimate at Rs 61,000 crore. This transaction forms part of the overall IL&#038;FS Group resolution estimate of Rs 61,000 crore,&#8221; the statement said.<\/p>\n<p> GAIL had in November 2021 got the National Company Law Tribunal (NCLT) approval for the acquisition.<\/p>\n<p> The Tripura power project was set up to use locally-produced natural gas which was otherwise economically unviable to transport.<\/p>\n<p> The 726.6 MW project is an integral part of the government&#8217;s efforts to develop infrastructure in the northeastern region and has been touted as the single-largest investment in northeast India.<\/p>\n<p> The gas to the Tripura project is supplied by ONGC&#8217;s 55 km pipeline.  As part of its green energy playbook, GAIL is focussing on building a clean energy portfolio and the acquisition is part of that plan. PTI \u00a0ANZ  ANU ANU<\/p>\n<div class=\"trade-after-content\" id=\"trade-3418653956\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Jan 4 (PTI) State-owned gas utility GAIL (India) has completed the acquisition of bankrupt Infrastructure Leasing and Financial Services&#8217; 26 per cent stake in ONGC Tripura Power Company (OTPC) for Rs 1,227 crore, the two firms said on Tuesday. OTPC is a special purpose vehicle set up by Oil and Natural Gas Corporation [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-13262","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GAIL buys IL&amp;FS&#039;s 26 pc stake in OTPC for Rs 1,227 cr - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-ld-gail-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GAIL buys IL&amp;FS&#039;s 26 pc stake in OTPC for Rs 1,227 cr\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Jan 4 (PTI) State-owned gas utility GAIL (India) has completed the acquisition of bankrupt Infrastructure Leasing and Financial Services&#8217; 26 per cent stake in ONGC Tripura Power Company (OTPC) for Rs 1,227 crore, the two firms said on Tuesday. 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