ONGC has informed that it has signed a contract with Bharat Heavy Electricals Ltd. (BHEL) for setting up 726.6 MW capacity combined cycle gas turbine (CCGT) based power project in the north-eastern state. This 363.3x2 MW combined cycle gas turbine power plant is being developed by OTPC at Palatana in south Tripura. The contract value is around Rs 2200 crore. ONGC has 50 per cent equity stake in OTPC, with 26 per cent held by Infrastructure Leasing & Financial Services Ltd and 0.5 per cent by the Tripura government. The balance equity of 23.5 per cent will be tied up through the most optimal modes, including IPO. The generation project combined with linked transmission project and upstream gas supply project is slated to bring in investments of around Rs 9,000 crore in the region. The latest initiative of ONGC is expected to transform the power scenario of entire North-Eastern region of the country and catalyze rapid economic development of the region.