ONGC, the oil exploration and production major, has announced that its 740 MW gas based power project in Tripura will be commissioned by the end-2012.
The Rs 3,000 crore project is being developed through a SPV known as ONGC Tripura Power Company wherein ONGC and IL&FS have 26 and 23 per cent stake respectively. The Tripura government holds 5 per cent and investors hold the rest.
According to sources, another Rs 2,000 crore will be invested by SPV called North East Transmission Company to lay a necessary transmission line for the evacuation of power. The equity holders of the SPV are PowerGrid Corporation (26 per cent), ONGC (23 per cent) and other investors.
Source : ProjectsToday
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