CCI approves Summit India's 23.5% stake-buy in ONGC Tripura Power Company

ONGC | Representative image

Fair trade regulator Competition Commission of India (CCI) on Monday approved the acquisition of 23.5 per cent stake in ONGC Tripura Power Company Ltd by Summit India (Tripura).

The transaction represents a credible business opportunity for Summit India (Tripura) as ONGC Tripura Power Company operates a 726.6 MW, fully operational natural gas based power plant in Palatana, Tripura, supplying power to the region of North-East India, according to a notice filed with the regulator.

ALSO READ: NRAI files additional info with CCI, says Zomato, Swiggy force restaurants to offer discounts

Laying down the purpose of proposed transaction, the notice said Summit India (Tripura) is expected to bring in best practices to ONGC Tripura Power Company. "Commission approves proposed acquisition of 23.5% equity share capital of the ONGC Tripura Power Company by Summit India (Tripura)," the Competition Commission of India (CCI) said in a tweet.