IL & FS: Tripura's government launches talks to buy Palatana's IL & FS project: Minister

The Tripura government will soon launch a dialogue to buy 26 percent of the Palatinate gas thermal power station project from infrastructure leasing and financial services (IL and FS).

In 2014, the ONGC Tripura Power Company (OTPC) officially launched a 726.6 mw gas power plant project, as a joint venture between ONGC, IDFC, IL & FS and Tripura Government.

"The state of Tripura owns 0.5 percent of the project. We have been informed by the central government that IL and FS will cover all 26 percent. We will start a dialogue with them to buy all the shares, as the Palatana Energy Project is a very profitable company," journalists said Minister Ratan Lal Nath.

Their ministry allocated more than 58% of the energy from the Palatana project to the northwest countries. At the time of project output from Tripura, the government sells 160 MW each day to neighboring Bangladesh.

IL & FS purchased 26 percent of shares with 291.20 kroons. Nath said that with the increase in value, now the stock capital is valued at 300 crores. The minister argued that future value of shares could increase.