Tuesday , July 5 2022

IL and FS: Tripura govt to start negotiations on the purchase of Palatana shares IL & FS: Minister



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Government Tripur will soon launch a dialogue to purchase 26% of the shares of the Palatana Thermal Energy Project from Leasing and Financial Services (IL & FS).

An energy project based on a 726.6 mV gas, run by ONGC Tripura Pover Compani (OTPC), formally started in 2014 as a joint venture of ONGC, IDFC, IL and FS and Government of Tripura.

"The state of Tripura has a share of 0.5 percent in the project, we learned from the central government that IL & FS will pay the entire share of 26 percent. We are in the process of opening a dialogue with them to buy all the shares because the Palatan Power Project is a very profitable company "Justice Minister Ratan Lal Nath told reporters.

The Ministry of Power has allocated more than 58 percent of the energy from the Palatana project for the north-eastern countries. From the participation of Tripure in the production of projects, the state government sells 160 MV daily in neighboring Bangladesh.

IL & FS bought 26% of the stock capital at 291.20 crore. With an increase in value, the stocks are now estimated at 300 pounds, Nath said. The minister claimed that the value of the shares would probably be appreciated in the future.

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