Gas Authority of India Limited (GAIL) has completed the acquisition of and IL&FS Financial Services Ltd (IFIN) 26 per cent stake in ONGC Tripura Power Company Limited (OTPC), which owns and operates a 726.6 MW gas-based combined cycle power plant in Palatana, Tripura.
IL&FS Group held its 26 per cent stake in OTPC in two subsidiaries - approximately 12 per cent held by IL&FS Energy Development Company Ltd and 14 per cent held by IL&FS Financial Services Ltd.
GAIL will be a 26 per cent shareholder in OTPC, while ONGC at 50 per cent, Indian Infrastructure Fund II at 23.5 per cent and Government of Tripura at 0.5 per cent, post the transaction.
IL&FS added that it has received all necessary regulatory approvals for the stake sale.
(With inputs from ANI)
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