State-owned gas utilityGAIL acquired the 26% stake of now-defunct ILF&S ( Leasing and Financial Services) inOngc Tripura Power Company.
OTPC is a SPV (special purpose vehicle) set up by state-run explorer ONGC to build a 726 MW gas-fired power plant at Palatana in Tripura. The IL&FS group and the Tripura government were partners in the SPV.
ONGC holds 50% in the company that supplies electricity to the north-eastern states. Tripura government holds 0.5%, whileIndia Infrastructure Fund IIholds the balance 23.5% stake.
The power plant was set up by ONGC to monetise a Tripura gas find, which had to be capped for years due to absence of evacuation infrastructure.