NEW DELHI: India's largest hydropower generator NHPC Ltd is keen on buying out its public sector co-promoters in power trading firm PTC India Ltd, three people aware of the plan said.
The Union power ministry officials will meet top executives from the four PSU promoters on Friday when the PTC India stake sale is likely to be discussed, one of the three people said on the condition of anonymity.
Currently, NHPC, NTPC Ltd, Power Grid Corp. of India Ltd and Power Finance Corp. Ltd hold about 4.05% each in PTC India, totalling 16.2%.
The four PSUs had appointed ICICI Securities as merchant banker in 2022 for the transaction, after the power ministry approved their exit plan.
"The companies have been eyeing an exit for some time now and are expecting to carry out the stake sale by the end of this financial year," the person cited above added.
Queries emailed to NHPC, NTPC, PowerGrid and PFC remained unanswered.
Acquiring PTC India would expand the power trading share of NHPC, which already has a licence for this purpose.
The move may also help since NHPC is involved in hydro projects in Nepal and Bhutan, countries which export power to India.
Having a power trading company of its own would help NHPC in efficient trading and supply of green power.
This story is from the January 10, 2025 edition of Hindustan Times Amritsar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 10, 2025 edition of Hindustan Times Amritsar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
India debut on the cards for McIlroy in $5mn event
The iconic Delhi Golf Club (DGC) is set to host a $5 million DP World Tour event in October with former world No. 1 and four-time Major winner Rory McIlroy likely in attendance, making the upcoming Rolex Series event the most expensive golf tournament—in terms of prize money—ever hosted by the country.
Tottenham Take 1-0 Lead vs Reds in Semis First-Leg
Newcastle United Beat Arsenal 2-0 Away in the First Leg of the Other Semi-Final on Tuesday
With Ghosal by her side, Anahat taking steady steps
By her own admission, Anahat Singh did not play her best squash at the British Junior Open, a prestigious junior tournament she won for the third time this week as its U-17 champion.
Inflation Likely Eased to 5.3% in Dec: Mint Poll
India's retail inflation likely moderated to a four-month low of 5.3% in December, down from 5.5% in November, driven by the seasonal decline in food prices, according to the median estimate of 25 economists in a Mint poll.
Trudeau's successor expected by early March
Canada could get its successor to Prime Minister Justin Trudeau by the first week of March so the person has enough time to prepare before Parliament meets in the last week of the month.
NHPC seeks to buy out co-promoter in PTC
MOVE WILL HELP NHPC EXPAND POWER TRADING BUSINESS; CO WON'T ACQUIRE FINANCE UNIT
Extreme weather fuelling LA's wildfires
No water in the fire hydrants, no money in FEMA (Federal Emergency Mgmt Agency). This is what Joe Biden is leaving me. Thanks Joe! DONALD TRUMP, US President-elect
Actors, Celebrities Flee as Hollywood Events Scrapped
No water in the fire hydrants, no money in FEMA [Federal Emergency Mgmt Agency]. This is what Joe Biden is leaving me. Thanks Joe! Donald Trump, US President-elect
Why India Wants To Repair Ties With Kabul
The meeting between foreign secretary Vikram Misri and the Taliban's acting foreign minister Amir Khan Muttaqi in Dubai was significant because it marked the highest level of engagement so far by the Indian side with the regime in Kabul since the group's takeover of Afghanistan in 2021.
Delivery Claims Versus Identity Politics in Delhi
Ten years after winning office, the AAP faces voter fatigue and a BJP eager to repeat its general election performance
