'Sonamura plant after TPDC's decision'

The proposed 700MW gas-based power plant by ONGC at Sonamura in Tripura will take shape as soon as the Tripura State Power Development Corporation (TPDC) makes up its mind, Subir Raha, chairman of ONGC, said here today.

The TPDC board is scheduled to meet soon to finalise the issue.

ONGC will hold a 26 per cent stake in the project, with 24 per cent being held by the Tripura government and 50 per cent by IL&FS. "Several private sector companies have shown their interest in equity," said Raha.

TPDC is a special purpose vehicle (SPV) which may be renamed ONGC Tripura Power Corporation, Raha said. The consultant for the project will be appointed in April, 2005.

IL&FS will set up another SPV to build the transmission network, while the Power Grid Corporation would manage it, said Raha.Raha said ONGC will launch its 'Oval' brand retail outlets by February in Mangalore. "The outlets would be bigger and different from other retail outlets," said Raha.

ONGC will also set up retail outlets by 2006 to sell fuel from Mangalore Refineries and Petrochemicals Ltd (MRPL), in which ONGC holds a 71.62 per cent stake.

ONGC has licence to set up 1,100 outlets, while MRPL can set up 500 more.