NCLT’s nod to GAIL for buying IL&FS 26% stake in OTPC

NCLT’s nod to GAIL for buying IL&FS 26% stake in OTPC – A semi-judicial body in India NCLT known as the National Company Law Tribunal gave an endorsement to the state-owned gas utility GAIL (India) Ltd’s securing of bankrupt Infrastructure Leasing and Financial Services 26% stake in ONGC Tripura Power Company (OTPC), the assertion said by GAIL on Friday.

As per PTI, “NCLT has conceded endorsement for the securing of 26% value stake of Infrastructure Leasing and Financial Services (IL&FS) Group by GAIL (India) Ltd in OTPC,” GAIL said in a stock trade documenting.

OTPC is a division of Oil and Natural Gas Corporation which is under the responsibility of Petroleum and Natural Gas, Government of India. It is the first government-claimed power plant in Quite a while and is otherwise called the greatest Plant in Northeast India. The Generation Project is being set up in ONGC Tripura Power Company Ltd. (“OTPC” or “the Company”), a Special Purpose Vehicle advanced by ONGC, IL&FS Limited, and Government of Tripura (GoT).

The organization is applying to MoP, GoI for definite endorsement of MPP status and the equivalent is relied upon to be acquired instantly. For clearing Power from the gas based 726.6 MW power Project Generators, a trunk transmission line is being created by one more Special Purpose Vehicle (SPV), mutually advanced by Power Grid Corporation Ltd., OTPC and the North Eastern Region (NER) states.

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