The Competition Commission of India (CCI) has approved the acquisition of 26 per cent stake in ONGC Tripura Power Company Ltd by GAIL (India) Ltd.
The acquisition has been made from IL&FS group entities. The proposed combination falls under Section 5(a) of the Competition Act, 2002, said a Finance Ministry statement.
ONGC Tripura Power Company was a special purpose vehicle between the Oil and Natural Gas Corporation, the IL&FS Group, and the Tripura government formed by entering into a shareholders’ agreement on September 18, 2008 to implement a 726.6 MW Combined Cycle Gas Turbine thermal power plant at Palatana, Tripura.
Engaged in the business of generation and supply of electricity, through the above mentioned power plant, in the northeast region, it also held 26 per cent stake in the North East Transmission Company Ltd.