The Competition Commission of India (CCI) on Monday approved the acquisition of 23.5 per cent stake in ONGC Tripura Power Company Ltd by Summit India (Tripura).
The transaction represents a credible business opportunity for Summit India (Tripura) as ONGC Tripura Power Company operates a 726.6 MW, fully operational natural gas based power plant in Palatana, Tripura, supplying power to the region of North-East India, according to a notice filed with the regulator.
Laying down the purpose of proposed transaction, the notice said Summit India (Tripura) is expected to bring in best practices to ONGC Tripura Power Company.
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