Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation’s (ONGC) Rs 3,429-crore power project in Tripura will be inaugurated by President Pranab Mukherjee on June 21, 2013. The first unit of the 726.6 MW gas-based power plant has already started generating electricity and will be formally dedicated to the nation at a ceremony at Palatana, Tripura on June 21. While, the first 363 MW unit was synchronised on October 2012, the second unit is expected to commence operation in August.

The said power project in Tripura has been constructed by the company’s special purpose vehicle, ONGC Tripura Power Company (OTPC). ONGC holds 50 per cent stake in the company while Infrastructure Leasing and Financial Service (IL&FS) has 26 percent. Government of Tripura has 0.5 percent equity while the balance is yet to be tied-up.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.