AGARTALA, Nov 10 - Tripura Government has decided to opt for buying 26 per cent stake in the profit-making ONGC Tripura Power Company (OTPC)-run Palatana power project in Gomati district.
The move has been initiated following a communication of the Ministry of Petroleum and Natural Gas about IL&FS�s plan to off-load its 26 per cent share in the profit making power generation company.
Oil giant ONGC has highest stake with 50 pc share while IL&FS has 26 pc share and IDFC has 23.5 pc share in the 727 MW power gas-based combined cycle plant. Interestingly, Tripura Government has only 0.05 pc share in the mega power plant.
Following the communication from the Ministry of Petroleum and Natural Gas, the State Cabinet has decided to buy IF&FS�s 26 pc stake in the Palatana power project, said Law Minister Ratan Lal Nath here on Friday. While speaking to the media, Nath said to pursue the matter the State Government would soon form a committee comprising representatives of Power, Industries and Finance departments.
The State Government would soon initiate talks with IL&FS to buy 26 pc share at an estimated cost of Rs 300 crore, he said, adding that the move would be beneficial for the State.
OTPC can produce more than 700 MW power at Palatana power plant if adequate quantity of gas is ensured by the ONGC, according to sources. In a meeting held recently, OTPC authority has demanded more gas to generate more power at Palatana. Five NE States including Assam and Meghalaya are receiving power from Palatana power plant.