OTPC Shareholders
The major shareholding in the Company is with ONGC, which is promoter and also the gas supplier of OTPC’s power plant. The Government of Tripura, which has a minority stake promoter in the project, has provided all State level support in implementation of the Project.
In another breakthrough, the Company has successfully achieved financial closure of the Project by tying up its residual equity of 23.5% on 10.04.2015, consequent to entering into definitive agreements by ONGC, IEDCL and GOT, three promoters of OTPC with IIF- II (managed by Global Infrastructure Partners India LLP (GIP)* which is a wholly owned subsidiary of Global Infrastructure management LLC (“GIM LLC”),USA’).
GAIL India Limited, a renowned PSU under MOPNG has acquired the 26% equity stake in OTPC on 04th January, 2022 from IEDCL & IFIN (IL & FS Group Companies). Accordingly w.e.f. 04.01.2022, GAIL India Limited has become shareholder of OTPC replacing IL&FS group Companies.
Oil and Natural Gas Corporation (ONGC) - 50%
ONGC is India's largest producer of Crude Oil & Natural Gas and dominates the exploration and production of crude oil and natural gas in India with 85% market share. ONGC has the maximum number of exploration licenses, including competitive NELP rounds. It owns and operates more than 15,000 kilometers of pipelines in India, including nearly 3,800 kilometers of sub-sea pipelines.
ONGC’s strong financials and impressive record provide considerable credibility to theOTPC power project.
ONGC has existing set up in Tripura for exploration and production of gas. However due to the lack of industrial development in the state, the assets have been hitherto underutilized. The private developers have till date not exhibited material interest in developing such projects in the region due to the lack of familiarity with the area and quantum of investment required to set up facility of such magnitude. Therefore as an entity well versed with local peculiarities as well as having access to tremendous financial resources, ONGC has played a key role in developing the project. Further as an operator of gas fields in the state of Tripura, ONGC would be able to mitigate gas supply related risks for the Power Project.
GAIL (India) Limited – 26%
GAIL (INDIA) Limited has acquired 26% equity stake in the Company on 04th January 2022. GAIL (India) Limited 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.
Government of Tripura – 0.5%
Government of Tripura (GoT) has picked up 0.5% stake in the project in view of its expected positive impact on the industrial development in the state. The project would give a big boost to the industrialization and economic growth to not only Tripura state but the whole North Eastern part of the country and would go a long way in eradicating regional imbalances in the country. GoT has been fully committed to the implementation of the project and has made all efforts to help OTPC in land acquisition, water availability, availability of local infrastructure, obtaining various clearances etc.
India Infrastructure Fund – II- 23.5%
India Infrastructure Fund- II (acting through its investment manager ‘IDFC Alternatives Limited) has acquired 23.5% equity stake in the Company with effect from 10.04.2015. This investment by India Infrastructure Fund- II brings on board a credible infrastructure partner, further strengthening the core development theme of the project. With effect from 01.07.2018, IDFC Alternatives Limited, the investment manager of India Infrastructure Fund II has transferred the investment management of the India Infrastructure Fund II to Global Infrastructure Partners India LLP*, a limited liability partnership incorporated in India under the Limited Liability Partnership Act, 2008.