IL&FS completes stake sale in ONGC Tripura Power to GAIL for Rs1,227 crore
IANS 05 January 2022
The IL&FS Group has completed sale of its 26% stake in ONGC Tripura Power Company (OTPC) to Gas Authority of India Limited (GAIL) at an aggregate valuation of Rs1,227 crore.
According to the Group, with this transaction, IL&FS has resolved a debt of approximately Rs3,656 crore, which formed part of the overall Group debt of around Rs99,000 crore, as of October 2018.
The Group had held its 26% stake in OTPC in two subsidiaries -- around 12% by IL&FS Energy Development Company Ltd (IEDCL) and 14% by IL&FS Financial Services Ltd (IFIN).
"The Group has duly received an aggregate sum of Rs319 crore for its 26% stake from GAIL in the two companies, thereby closing this stake sale transaction," the IL&FS Group said in a statement.
"The initial shareholding in the company comprised ONGC 50%, India Infrastructure Fund II 23.5% and the Government of Tripura holding 0.5% stake," it added.
Post this transaction, GAIL will now be a 26% shareholder in OTPC along with ONGC at 50%, Indian Infrastructure Fund II at 23.5% and Government of Tripura at 0.5%.
The new IL&FS board, in its latest update, had announced that the IL&FS Group has resolved over Rs52,000 crore debt while maintaining its overall Group debt resolution estimate at Rs61,000 crore.
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