IDFC Alternatives Acquires a Stake in ONGC Tripura Power Company (Asia)

Source: ONGC

IDFC Alternatives, the alternative asset management arm of infrastructure financing company IDFC, has purchased a 23.5 percent stake in ONGC Tripura Power Company (OTPC), an India-based operator of a gas power plant, for INR4.3 billion (approximately US$68 million). The investment was structured through IDFC’s India Infrastructure Fund II. Existing shareholders in OTPC include ONGC, an India-based state owned oil and gas company, IL&FS Energy Development Company, the energy arm of India-based infrastructure development and finance company IL&FS, and the Government of Tripura, a state in Northeast India. Post transaction, ONGC, IL&FS and the Government of Tripura own 50 percent, 26 percent and 0.5 percent stakes in OTPC, respectively.