Oil and Natural Gas Corp (ONGC) together with Infrastructure
Leasing & Financial Services (IL&FS) is setting
up a Rs2,000 crore power project in Tripura with a generating
capacity of 740 MW. ONGC will take 50.5 per cent stake
in the company while IL&FS will have a 26 per cent
stake. IL&FS would arrange investors for the balance
joint venture power generation project will also undertake
the associated transmission work of the Tripura power
have changed the format of the 740 MW project. While
earlier it was proposed that ONGC would set up the power
plant and a separate company would implement the transmission
link for evacuation of power from the plant, now we
propose to do both the jobs through just one company,"
an official said.
official said both the generation and transmission arms
of the project would now be on the balance sheet of
integrated entity has the benefit of de-risking project
implementation and operations," he said. The power
plant is ONGC''s first mega ''gas-to-wire'' project to
monetise significant idle and stranded gas in the state.
It will initially produce four million standard cubic
meters per day and increase it to five mmscmd by boosting
project is estimated to cost around Rs2,087.6 crore
and would be implemented by end of 2009. The generated
power will cater to the northeast demand and also be
transmitted to northern grid to feed demand in north
is likely to finance up to 20 per cent of the project
cost or Rs740
crore in debt.
has done the project development work and is likely
to be the implementing agency.