IL&FS Group said it has completed sale of its 26% stake in ONGC Tripura Power Company (OTPC) to Gas Authority of India Ltd. (GAIL) at an aggregate valuation of ₹1,227 crore.

“With this transaction, IL&FS has resolved a debt of approximately ₹3,656 crore that formed part of the overall Group debt of approximately ₹99,000 crore, as of October 2018,” IL&FS Group said in a statement.

Post this transaction, Gas Authority of India will now be a 26% shareholder in ONGC Tripura Power Company along with ONGC at 50%, Indian Infrastructure Fund II at 23.5%and Government of Tripura at 0.5%, according to the statement on Tuesday.

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