For divestment in Konkan LNG and acquisition of stake in Ratnagiri Gas and PowerNTPC has executed Share Purchase Agreements with GAIL (India) on 23 February 2021, for purchase of GAIL s share (25.51%) in Ratnagiri Gas and Power (RGPPL) and Sale of NTPC s share (14.82%) (on fully dilutive basis) in Konkan LNG (KLL).
After transfer of shares as per the Share Purchase Agreements, NTPC will exit from
KLL and NTPC s shareholding in RGPPL will become 86.49%.
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NTPC inks pact to buy GAIL s 25.1% stake in Ratnagiri Gas and Power
File photo of an NTPC plant in Gujarat
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. Updated: 23 Feb 2021, 07:28 PM IST PTI
After the transaction is complete, NTPC would have 86.49% stake in the RGPPL. Earlier in Jan, the company had announced acquiring 37.47% stake in RGPPL from its lenders
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NEW DELHI :
State-owned NTPC on Tuesday said it has signed a share purchase agreement to buy GAIL s 25.51% stake in Ratnagiri Gas and Power Pvt Ltd (RGPPL), which is commonly known as Dabhol project.
After the transaction is complete, NTPC would have 86.49% stake in the RGPPL. Earlier in January, the company had announced acquiring 37.47% stake in RGPPL from its lenders. Initially, NTPC and GAIL had 25.51% stake each in the Dabhol project.
The state-run power major on Friday (1 January 2021) announced that it has executed agreement for a composite resolution plan with lenders of Ratnagiri Gas & Power (RGPPL).As part of the resolution plan, outstanding debt liabilities of Ratnagiri Gas & Power (RGPPL) have been settled through one-time settlement by NTPC. Subsequently, 35.47% of equity held by lenders (IDBI, ICICI, SBI, IFCI and Canara Bank) in RGPPL have been transferred to NTPC. Consequently, NTPC s equity shareholding in RGPPL has increased from 25.51% to 60.98% as of 31 December 2020.
Accordingly, RGPPL has become a subsidiary company of NTPC with effect from 31 December 2020.
RGPPL was incorporated on 8 July 2005 and is promoted by NTPC and GAIL (India). The company was set up to takeover and revive the assets of Dabhol Power Company Project. 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.
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