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State owned NTPC on Tuesday said it has signed a share purchase agreement to buy GAIL 25.51 per cent stake in Ratnagiri Gas and Power Pvt Ltd. After that NTPC would have 86.49 percent stake in RGPPL. The transfer of shares, NTPC will exit KLL, and NTPC shareholding stand at 86.49 percent. RGPPL own a integrated Power generation and re-gasified LNG facility.
The demerger scheme for Ratnagiri Gas and Power and Konkan LNG has been approved by the National Company Law Appellate Tribunal (NCLAT). The ‘Long Stop Date’ for the demerger of companies has been extended to March 31, 2018. Ratnagiri Gas was incorporated with the aim to take over and revamp the assets of Dabhol Power Company Project. The demerging is expected to expand the business growth prospects.