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CCI approves Summit India's 23.5% stake-buy in ONGC’s first power plant company

13 Jul 2021 Evaluate

Fair trade regulator Competition Commission of India (CCI) has approved the acquisition of 23.5 per cent stake in Oil and Natural Gas Corporation’s first power plant -- ONGC Tripura Power Company by Summit India (Tripura).

The transaction represents a credible business opportunity for Summit India (Tripura) as ONGC Tripura Power Company operates a 726.6 MW, fully operational natural gas based power plant in Palatana, Tripura, supplying power to the region of North-East India.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

Peers
Company Name CMP
ONGC 225.50
Oil India 444.40
Jindal Drilling&Inds 585.60
Deep Industries 745.85
Asian Energy Service 458.45
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