Oil & Natural Gas Corporation Ltd.

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.