GAIL, NTPC keen to acquire Ratnagiri LNG terminal

New Delhi, Apr 5 (UNI) GAIL and NTPC are in fray to obtain the right of first refusal (ROFR) for acquiring the 5 million tonnes per annum (mtpa) LNG terminal of Ratnagiri Gas and Power Projects Ltd (RGPPL).

Both GAIL and NTPC have already invested Rs 500 crore each in RGPPL and now they are planning to invest an additional Rs 500 crore towards the completion of the LNG terminal, an NTPC official said here today.

The investment would be made under the condition that RGPPL would refund the amount together with interest to the investing agency (GAIL or NTPC) in the event of a decision to hive off the LNG terminal, he added.

GAIL and NTPC has also been assured that the provider of the revival funds would be given the first right of refusal to match the price quoted by the market discovered prospective buyer.

Both GAIL and NTPC want to secure this in lieu of Rs 500 crore fund support, to be provided to RGPPL as loan.

UNI