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GAIL in talks with IL&FS & GIP for a stake in ONGC Tripura Power
By IndianMandarins- 05 Oct 2020
807GAIL has been in talks with the infrastructure financier IL&FS and Global Infrastructure Partners (GIP), a US-based infrastructure investment fund, to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of Rupees 1,500 crore. Reportedly, PwC India is advising GAIL on the deal to acquire the stake in the gas-based power plant. If successful, the deal would bring GAIL rights equal ONGC which is the 50% owner. The Rupees 1,500 crore valuation includes Rupees 500 crore as equity to be distributed among the two buyers. The deal could resolve debt worth Rupees 4,000 crore on the books of ONGC Tripura. Since it is 26% owned by IL&FS, the sale would have a positive impact on debt owed by IL&FS as well. In May, IL&FS had sought expressions of interest to acquire 26% stake held in OTPC by IL&FS Financial Services and IL&FS Energy Development Corporation. It also appointed Arpwood Capital and JM Financial as advisors to the deal.
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GAIL in talks with IL&FS & GIP for a stake in ONGC Tripura Power
By IndianMandarins - 2020-10-05 11:29:00
GAIL has been in talks with the infrastructure financier IL&FS and Global Infrastructure Partners (GIP), a US-based infrastructure investment fund, to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of Rupees 1,500 crore.
Reportedly, PwC India is advising GAIL on the deal to acquire the stake in the gas-based power plant. If successful, the deal would bring GAIL rights equal ONGC which is the 50% owner.
The Rupees 1,500 crore valuation includes Rupees 500 crore as equity to be distributed among the two buyers. The deal could resolve debt worth Rupees 4,000 crore on the books of ONGC Tripura. Since it is 26% owned by IL&FS, the sale would have a positive impact on debt owed by IL&FS as well.
In May, IL&FS had sought expressions of interest to acquire 26% stake held in OTPC by IL&FS Financial Services and IL&FS Energy Development Corporation. It also appointed Arpwood Capital and JM Financial as advisors to the deal.
