ONGC is likely to complete the 727-MW gas-based power plants at Palatana in Tripura, worth Rs 8,500 crore, by December, a year before schedule. This is the company’s first power venture in India. The company, which is setting up two gas-based power units each of 363.3 MW in Tripura, had earlier planned to complete the first by December 2011 and the second by December 2012.

ONGC Tripura Power Company (OTPC), a unit of ONGC entered into a MoU with the Bangladesh government in November 2010 for moving very heavy equipment through Bangladesh waterways which will help OTPC save a year. The project will start earning revenues a year earlier than scheduled, which will add to the top line as well as the bottom line of the company.