Tripura govt to begin talk over buying ILFS shares of Palatana project

Tripura govt to begin talks over buying ILFS shares of Palatana project

The Tripura government will soon commence dialogue for the purchase of 26 percent equity shares of the Palatana gas thermal power project from the Infrastructure Leasing and Financial Services (IL&FS). The 726.6 MW gas-based power project, run by ONGC Tripura Power Company (OTPC), was officially started in 2014 as a joint venture of the ONGC, the IDFC, the IL&FS, and the Tripura government.

“The state of Tripura owns 0.5 percent share in the project. We have come to know from the central government that the IL&FS will offload its entire 26 percent share. We are in the steps of opening the dialogue with them to buy all the shares because the Palatana power project is a very profitable company,” Law Minister Ratan Lal Nath told reporters Friday.

The ministry of power given over 58 percent energy from the Palatana project to northeastern states. Out of Tripuras share in the project’s results, the state government is selling 160 MW on a daily basis to neighboring Bangladesh. The IL&FS bought 26 percent equity shares at Rs 291.20 crore. With an increase in value, the equity shares are now estimated at Rs 300 crores, Nath said. The minister claimed that the value of the shares is likely to appreciate in future.

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