Oil & Natural Gas Corporation Ltd. (“ONGC”), a Fortune 500 company of the Government of India, owns significant natural gas reserves in the North Eastern state of Tripura. However, these natural gas reserves are yet to be commercially developed due to low industrial demand in the North-Eastern region. The complexities of logistics and attendant costs limit the economic viability of transportation of gas to other parts of the country where gas is in deficit. In order to optimally utilise the gas available in Tripura, ONGC proposes to initially develop a 726.6 MW Combined Cycle Gas Turbine (CCGT) thermal power plant (“the Project”) close to its gas fields in the state of Tripura and supply power to the deficit areas of North Eastern States of India
This initiative of ONGC is expected to transform the power scenario of entire North-Eastern Region of the country and catalyze rapid economic development of the region. The generation project combined with linked transmission project and upstream gas supply project is slated to bring in investments of around Rs. 9,000 Crore, in the region
ONGC Tripura Power Company Ltd is sponsored by Oil and Natural Gas Corporation (ONGC), Infrastructure Leasing and Financial Services Limited (IL&FS) and Government of Tripura (GoT) for implementation of 726.6 MW CCGT thermal power project at Palatana in Tripura to supply power to the power deficit areas of North Eastern states of the country. ONGC, IL&FS and GoT have entered into a Shareholders’ Agreement (SHA) on September 18, 2008 for subscribing to the equity of OTPC.