State-owned gas major, GAIL India has acquired 26 per cent equity stake in ONGC Tripura Power Company Limited (OTPC).

The stake was held by IL&FS Energy Development Company Ltd (IEDCL) and IL&FS Financial Services Ltd (IFIN).

ONGC Tripura owns and operates a 726.6 MW gas-based combined cycle power plant at Palatana in Tripura.

In a statement, GAIL, which is a Maharatna PSU under the Ministry of Petroleum & Natural Gas, said its board on December 23, 2021, declared the first interim dividend of 40 per cent on the paid-up equity share capital, which is 4 per equity share for FY 2021-22.

The total dividend amount released stood at Rs 1,776.15 crore, with a record date of December 31, 2021.

Accordingly, the company will also Rs 913.84 crore to the government and Rs 862.31 crore to other shareholders as first interim dividend for 2021-22.

GAIL (India) Limited is India’s leading natural gas company.

For the quarter ending September, the PSU reported a net profit of Rs 2,862.9 crore as compared to Rs 1,239.6 crore in the previous year.

Its revenue from operations increased 57.6% to Rs 21,515 crore during the quarter under review, from Rs 13,647 crore in the corresponding quarter of the previous fiscal.

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