GAIL can buy IL&FS’s stake in OTPC: NCLT
The Hindu
As part of its green energy playbook, GAIL is focussing on building a clean energy portfolio and the acquisition is part of that plan.
The National Company Law Tribunal (NCLT) has approved State-owned gas utility GAIL (India) Ltd’s acquisition of bankrupt Infrastructure Leasing and Financial Services’ 26% stake in ONGC Tripura Power Company (OTPC), GAIL said on Friday.
“NCLT has granted approval for the acquisition of 26% equity stake of Infrastructure Leasing & Financial Services (IL&FS) Group by GAIL (India) Ltd. in OTPC,” GAIL said in a stock exchange filing.
The stake, it said, is being acquired from IL&FS Group companies.
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