GAIL gets NCLT nod to buy IL&FS group’s 26% stake in ONGC Tripura Power Co

State-owned GAIL today said the companies tribunal has granted approval for acquisition of 26% equity stake of Infrastructure Leasing & Financial Services (L&FS) group companies in ONGC Tripura Power Company Ltd.

“The stake is being acquired from IL&FS Group companies namely IL&FS Energy Development Company Ltd (EDCL) and IL&FS Financial Services Ltd (IFIN),” GAIL said in a statement.

The closing of transaction is yet to take place and actions are being taken by IL&FS and GAIL for the same, the company said.

On Thursday’s Muhoorat trading, GAIL shares were up 0.70% to close at ₹151.60 on NSE.

GAIL is India’s leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production & transmission, LNG re-gasification, petrochemicals, city gas, E&P, etc.

It owns and operates a network of around 13,340 km of natural gas pipelines spread across the length and breadth of country. It is also working concurrently on execution of multiple pipeline projects to further enhance the spread. GAIL commands 70% market share in gas transmission and has a Gas trading share of over 50% in India.

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