HYDERABAD: Crisis-hit IL&FS has invited expressions of interest (EoIs) for the purchase of its stake in ONGC Tripura Power Company (OTPC) joint venture on Monday. The company holds 26 per cent stake in the gas-based power plant — 12.03 per cent stake through IEDCL and 13.97 per cent stake via IFIN. The other shareholders include state-run ONGC with 50 per cent stake, India Infrastructure Fund-II with 23.5 per cent, managed by Global Infrastructure Partners and the Government of Tripura with 0.5 per cent stake.
The last date to submit bids is June, 8. In terms of eligibility for bidding, corporate bodies should have a minimum net worth of Rs 150 crore as per the audited balance sheet as of March, 2019 or later. Similarly, unvestment funds, including private equity funds should have minimum assets under management in India of Rs 600 crore, or committed funds available for investment or deployment in companies incorporated in India of at least Rs 600 crore, as of March 2019, or later.
“In order to monetise the investment made by the IL&FS group in ONGC Tripura Power Company, EoIs are invited for the acquisition of its 26 per cent stake, subject to necessary approvals,” ILFS said in a statement.
OTPC operates a fully operational natural gas-based 726.6 MW power plant located in Palatana, Tripura, supplying power to the energy deficit region of northeast India. In addition to the benefit of the availability of local gas wells for drawing sufficient gas, OTPC also has a load-center advantage, with access to the energy deficit north-eastern region of India as well as Bangladesh.
The deal is subject to approvals including the board approval and other corporate approvals of relevant group firms. It also needs consent from the NCLT and other statutory authorities. IL&FS has engaged Arpwood Capital and JM Financial to assist in the transaction. The project cost includes debt of Rs 3,035 crore and equity investment of Rs 10,118 crore.