ONGC To Acquire 50-Pc Stake In SPV To Execute Tripura Power

The Oil and Natural Gas Corporation has amended the project structure of ONGC Tripura Power Corporation, its proposed gas-based power project in the state. The Rs 4,000-crore project, consisting of a power unit and a gas transmission network, will be taken up under a single special purpose vehicle (SPV), in which ONGC will acquire a 50% stake. ONGC has invited global bids for the engineering procurement & construction (EPC) contract for the project to be commissioned at Palatana, some 60 km from Agartala. At the initial meeting of bidders held in Agartala between February 22-23, Alstom, Siemens, Essar Power and L&T were among the participants. The bids are likely to be opened towards end-April, while the project completion schedule is 27 months.