NTPC inks pact to buy GAIL’s stake in Ratnagiri Gas
NTPC shares edged higher after the company signed a share purchase agreement to buy GAIL’s 25.51% stake in Ratnagiri Gas and Power (RGPPL), commonly known as Dabhol project. The shares of NTPC were trading at Rs 104, higher by 0.5% on the BSE.
NTPC would have 86.49% stake in Ratnagiri Gas and Power post the transaction.
RGPPL owns an integrated power generation and re-gasified LNG facility. The power station is one of the India’s large gas-based combined cycle power station.
The Dabhol terminal currently operates only during non-monsoon months.
After the transaction is complete, NTPC would have 86.49% stake in the RGPPL. Earlier in January, the company had announced acquiring 35.47% stake in RGPPL from its lenders. Initially, NTPC and GAIL had 25.51% stake each in the Dabhol project.
Meanwhile, the State-run power giant has raised Rs 900 crore through issuance of unsecured, redeemable, taxable, listed, rated non-convertible debentures. NTPC has issued 9,000 unsecured, redeemable, taxable, listed, rated non-convertible debentures worth Rs 900 crore on February 23, 2021.
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