Agartala-based Oval Projects Engineering Limited (OPEL) has made history as Tripura’s first and Northeast India’s second company to be listed on the Bombay Stock Exchange (BSE). Founded by Gautam Debnath, OPEL’s IPO and FDI success mark a turning point for Tripura’s presence in India’s financial and industrial landscape.
Far away from Mumbai’s bustling financial hub, a historic milestone has been created by an Agartala-based company that has successfully made its entry into the Bombay Stock Exchange (BSE). Oval Projects Engineering Limited (OPEL), a homegrown firm founded in Tripura, has become the first company from the state and only the second from the entire Northeast to achieve a formal listing on Dalal Street.
The milestone was celebrated on Thursday at the iconic BSE building during the traditional “Ringing of the Gong” ceremony, where OPEL’s Chairman and founder, Gautam Debnath, struck the ceremonial bell. The moment was not only symbolic of OPEL’s entry into India’s financial mainstream but also marked Tripura’s long-awaited presence on the country’s capital market map.
From a Regional Startup to a National Presence
Established in 2013 by first-generation entrepreneur Gautam Debnath, OPEL has evolved into a reputed Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M) service provider. The company caters to multiple sectors, including oil and gas, power, urban development, and civil infrastructure. Over the years, OPEL has expanded steadily and now provides direct employment to more than 450 youths, becoming one of Tripura’s most notable private sector employers.
OPEL’s Initial Public Offering (IPO), launched on August 28, 2025, and closed on September 1, 2025, attracted significant interest from institutional investors. Valued at ₹46.74 crore, the IPO was priced between ₹80 and ₹85 per share with a minimum bid lot of 3,200 shares for retail investors. On September 4, 2025, the company successfully completed its listing formalities, paving the way for its debut on the trading floor of BSE.
A Landmark for Tripura and the Northeast
For a state like Tripura, which had so far remained absent from India’s financial and corporate investment narratives, OPEL’s achievement is a moment of pride. As the first company from Tripura to be listed on BSE, the milestone places the state firmly on India’s financial map.
Speaking to the media after the listing, Chairman Gautam Debnath described the achievement as not merely a corporate success but also a symbolic recognition of Tripura’s growing industrial and financial aspirations. “This is a matter of pride not only for me and my company but for the entire state of Tripura. It is the beginning of a new chapter where Tripura too finds a place in India’s financial market story,” Debnath said.
Challenges and Policy Suggestions
While celebrating the success, Debnath also highlighted challenges faced by businesses in Tripura due to its geographical remoteness. He urged the state government to reconsider its subsidy framework by replacing capital subsidies with transport subsidies. He argued that Tripura’s small local market size compels businesses to sell their products in other states, but high transportation costs make it difficult to remain competitive.
“Transport subsidies will help reduce costs and make products manufactured in Tripura price-competitive in other markets. This could boost industrial investment and employment in the state,” Debnath emphasized.
Foreign Investment and Future Vision
Adding to its accolades, OPEL has also become the first company from the Northeast to secure a Foreign Direct Investment (FDI) proposal. During the listing ceremony, Debnath revealed that the company has received an FDI offer worth $2 million. While expressing his intention to invest the amount in Tripura, he admitted that identifying a viable sector within the state remains a challenge due to infrastructural and logistical constraints.
“I want to invest the entire FDI amount in Tripura. However, with the existing high transport costs and other challenges, I am yet to identify a viable business sector. I appeal to the government and policymakers to guide us on potential areas for investment,” Debnath stated.
Recognition from BSE Officials
The historic event also witnessed appreciation from BSE officials. Radha Kirthivasan, Head of Listing and SME at BSE, praised OPEL’s determination and called it a shining example for budding entrepreneurs from smaller states. She noted that under the government’s “Viksit Bharat” vision, OPEL’s success could inspire more companies from the Northeast to tap into capital market opportunities.
Suhas Satardekar, Senior Vice President, echoed similar sentiments, expressing confidence that OPEL would continue to enjoy strong investor trust and become a model for other regional firms aiming to grow nationally.
A Message for Aspiring Entrepreneurs
Offering advice to young entrepreneurs, Debnath stressed the importance of maintaining transparent accounts and building robust organisational structures. “Transparency and professionalism are the keys to gaining investor trust and ensuring sustainable growth,” he said.
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With OPEL’s listing, Tripura has taken a giant leap forward in India’s corporate and financial ecosystem. For the Northeast, still underrepresented in capital markets, OPEL’s story is a testament to the region’s emerging entrepreneurial spirit and its potential to contribute to the national growth story.
