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Another jolt for Tripura development under BJP Govt : Leading finance company IL&FS withdraws share from OTPC project
TIWN Nov 9, 2018
Another jolt for Tripura development under BJP Govt : Leading finance company IL&FS withdraws share from OTPC project
PHOTO : Photo Background : Palatana OTPC, Photo inset : (Top) : Law Minister Ratan lal Nath addressing media, (Down): In 2014 Modi inaugurates Palatala 2nd unit.

AGARTALA, Nov 9 (TIWN): With another major jolt as a trend of ONGC's profit down under Modi Govt, India's leading infrastructure development and finance company "Infrastructure Leasing & Financial Services" (IL&FS) has decided to give up OTPC share in Tripura. It was earlier alleged that India's most profitable company ONGC is facing a heavy losses under the Modi Govt. OTPC or ONGC Tripura Power Company also known as Palatana Power Plant, is a thermal power plant station in Palatana, Udaipur in the Gomoti district of the northeastern Indian state of Tripura in 2013. It is ONGC's first power plant in India and also known as the biggest Plant in Northeast India but since BJP Govt has been in power it has planned to impose 100 crores of taxes on ONGC and now without showing any reason, one of the investors which was sharing 27% of the profit Infrastructure Leasing & Financial Services Limited has decided to withdraw the share and State Govt has planned to take the share amid "huge pending bills" to ONGC by Tripura Govt. However, whereas there was any force or pressure from the Govt on IL & FS to withdraw the share it has triggered question as since 5 years, such investors didn't have any problem but within 8 months of BJP Govt investors are denying to invest, just like various Airline companies have been quitting from Tripura.

Infrastructure Leasing & Financial Services Limited (IL & FS) is an Indian infrastructure development and finance company. It operates through more than 250 subsidiaries including IL & FS Investment managers, IL & FS financial services and IL & FS Transportation networks India Limited.

However, as a part of damage repairing, Law Minister Ratan lal Nath following a cabinet meeting said, "OTPC is a highly profitable business organization, is running under a joint venture of ONGC, IL & FS  & Govt of Tripura. ONGC was sharing 50%, IL&FS 26% share, IDFC 23.5% share and Govt of Tripura was in 0.5% share. Our question is why the previous Govt didn't attempt to utilize the golden oppurtunity and stand on its own feet ? Now, IL & FS has denied its share and that opportunity will be utilized by the Govt of Tripura".

Boasting the BJP led State Govt further, Ratan lal Nath said, "At least we are trying to invest but the previous Govt didn't even try for it. How much share we will get we don't know but we are trying and cabinet has approved it. Why the previous Govt didn't take this opportunity, I don't know even that. Whom the previous Govt wanted to save, it's suspicious".

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