ONGC Board Okays Proposals Worth Rs 3,819 Cr

New Delhi: Oil exploration major Oil and Natural Gas Corporation (ONGC) has okayed investment of over Rs 3,700 crore in a slew of projects. This comprises an investment of Rs 576 crore as equity in the Rs 3,844 crore, 740 mw gas-based power project in Tripura and another Rs 1,817 crore in augmentation of gas production in the state to feed the power plant. The Tripura power project is being financed in the debt-equity ratio of 70:30 and the plant is scheduled to be commissioned by 2010. This integrated project will enable ONGC to harness its gas potential in the state via ''Gas-to-Wire'' concept, catalysing significant development in the North-Eastern region.