GAIL (India) has acquired equity stake of 26% in ONGC Tripura Power Company (OTPC), which owns and operates a 726.6 MW gas-based in Palatana, Tripura. The stake has been acquired from IL&FS Group companies namely, IL&FS Energy Development Company and IL&FS Financial Services.

GAIL had participated in an open bidding process of IL&FS which came as successful and the acquisition would be synergistic and enable GAIL to stronghold its presence in North Eastern Region of the country.

OTPC owns and operates a 726.6 MW (363.3 x 2) gas based combined cycle power plant in Palatana, Tripura.

Apart from 26% equity acquired by GAIL from IL&FS Group, the left equity is held by ONGC (50%), Government of Tripura (0.50%) and India Infrastructure Fund GIP II (23.50%).

OTPC also has 26% equity investment in North East Transmission Company (NETC), a joint venture of OTPC, Powergrid and States of North Eastern Region.