IL&FS sells ONGC Tripura Power to GAIL

Mumbai: IL&FS Group has completed the sale of its 26% stake in ONGC

Tripura Power

(

OTPC

) to

GAIL

for Rs 319 crore. With this sale, IL&FS has resolved a debt of Rs 3,656 crore of the overall group dues of Rs 99,000 crore, as of October 2018.IL&FS held its 26% stake in OTPC through two subsidiaries — 12% held by IL&FS Energy Development (IEDCL) and 14% held by IL&FS Financial Services (IFIN). The sale has helped realise Rs 319 crore, valuing the company at Rs 1,227 crore.After the sale, GAIL will be a 26% shareholder in OTPC along with ONGC at 50%, Indian Infrastructure Fund II at 23.5% and

Tripura

government at 0.5%.OTPC has been categorised as a green company and has an aggregate debt of about Rs 3,000 crore, which will continue to be serviced under the new shareholding.