Tripura government decides to increase stake in ONGC Tripura Power Company .

Tripura government has decided to enhance its stake in the ONGC Tripura Power Company (OTPC) which runs the Palatana power project. 

The state government is mulling to acquire 26 percent equity share of 726.6 MW gas based combine cycle. Presently the state government has 0.5 percent stake. 

A senior official in Tripura government said, “The government has decided to form a negotiating team for initiating the process of discussion." 

ONGC, IL&FS Energy Development Company Ltd and Tripura Government had formed a special purpose vehicle ONGC Tripura Power Company (OTPC) to implement the project. 

The official said that Ministry of Petroleum and Natural Gas has informed the state government of options for acquisition of additional equity share of 26 percent, as the present share holder IL&FS is being off load it’s equity from the project." 

First unit of 2x363.3 MW Combined Cycle Gas Turbine at Palatana was commissioned in 2013. 

ET