NTPC inks pact to buy GAIL's 25.1 per cent stake in Ratnagiri Gas and Power

While the company had announced acquiring 37.47 per cent stake in RGPPL from its lenders, initially, NTPC and GAIL had 25.51 per cent stake each in the Dabhol project.

Published: 23rd February 2021 07:49 PM  |   Last Updated: 23rd February 2021 07:49 PM   |  A+A A-

NTPC

For representational purposes (Photo | EPS)

By PTI

NEW DELHI: State-owned NTPC on Tuesday said it has signed a share purchase agreement to buy GAIL's 25.51 per cent stake in Ratnagiri Gas and Power Pvt Ltd (RGPPL), which is commonly known as Dabhol project.

After the transaction is complete, NTPC would have 86.49 per cent stake in the RGPPL. Earlier in January, the company had announced acquiring 37.47 per cent stake in RGPPL from its lenders. Initially, NTPC and GAIL had 25.51 per cent stake each in the Dabhol project.

"NTPC Ltd has executed ahare purchase agreements with GAIL (India) Ld on February 23, 2021, for purchase of GAIL's share (25.51 per cent) in Ratnagiri Gas and Power Pvt Ltd (RGPPL) and sale of NTPC's share (14.82 per cent) (on fully dilutive basis) in Konkan LNG Ltd (KLL)," according to a BSE filing.

It added that after transfer of shares as per the agreements, NTPC will exit from KLL, and NTPC's shareholding in RGPPL will stand at 86.49 per cent. RGPPL was incorporated on July 8, 2005, and is promoted by NTPC Ltd and GAIL (India) Ltd.

The company was set up to take over and revive the assets of Dabhol Power Company Project. RGPPL owns an integrated power generation and re-gasified LNG facility. The power station is one of the India's large gas-based combined cycle power station.

Now we are on Telegram too. Follow us for updates
TAGS
Ratnagiri Gas and Power NTPC GAIL Konkan LNG
India Matters

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

Videos
Gallery