IIF Secures 23.5% Stake in ONGC Tripura

IIFIndia Infrastructure Fund-II has bought 23.5 per cent stake from an ONGC-promoted company for Rs 426 crore.

Oil and Natural Gas Corp (ONGC) will hold a 50 per cent stake in OTPC while IL&FS Energy Development Co Ltd (IEDCL) will have 26 per cent and the Tripura government of 0.5 per cent.

According to reports company said that, “ONGC, IEDCL and Government of Tripura, three promoters of OTPC, have entered into definitive agreements with India Infrastructure Fund II “.

“IIF would acquiring 23.5 per cent stake in OTPC. The total consideration of the transaction is about Rs 426 crore”, added the statement.

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