OTPC to get reinstated by March, ‘Indradhanush’ to bring new investments

Chairman and Managing Director of ONGC, Shahsi Shanker on Wednesday said that the defunct unit of the OTPC (ONGC Tripura Power Company) would be reinstated by March 14 next.

Addressing a media interaction programme at ONGC complex, he said, “The equipments which have gone defunct are being replaced and the remaining work will be done March 14 next”.

Notably, a unit of the OTPC went out of operation in October last year causing serious electricity snags in the state. “The equipment fixed to turn the gaseous energy into electricity has gone non-operational due to some mechanical faults. If it is reinstated, it will be highly beneficial for electricity generation of the state”, said a source in the ONGC.

Moreover, Shanker also informed media that highly ambitious “Indradhanush” project that had been bringing all the eight NE states in a single fold would also invite investments in state. “The ambitious Indradhanush project that is under progress will woo huge investment for NE states as well Tripura. The Rs 10,000 crore project is scheduled to be completed by 2021-22 and 60 percent of the funding is being done by the central government” he added.

Charting the benefits of the project, he said, there is a huge potential in Tripura of gas but the ONGC is facing challenge to evacuate it. If the pipelines are laid as proposed, the process of obtaining gas will be an easy job to be done, he added. He also felt that the way the central government was promoting gas based economy in the entire North East; this project would work as game changer.

He also informed the media that the “Maharatna” company was also contemplating to start another unit in OTPC along with some upgrading work in Monarchak.

On being asked on the companies unprecedented share price fall, Director of Finance, Sashi Kumar explained that there was a global phenomena of environment not fit for the companies dealing with fossil fuel.

“Economic situation hasn’t impacted our investment. We have had Rs. 1.5 lakh crore capital investments in last five years with nearly Rs. 30,000 crore additional investments every year. If some other ETF don’t come in the same year, then the share price tends to go back to the previous level or rises”, he explained.