As the Government of India is on the verge of privatization of state-backed electricity companies, PTC India Ltd. has attracted interest from potential parties including Asia’s richest man Gautam Adani as per reports.
PTC India Limited was earlier registered as Power Trading Corporation of India Limited is an Indian company that provides power transmission within the country and cross-border as well as consultancy services. The Delhi-based company also operates in Bhutan, Nepal, and Bangladesh.
The shares of PTC have declined by nearly 24% over a year bringing its value to $301 million as per Bloomberg data.
Other state-owned entities NTPC Ltd., NHPC Ltd., Power Grid Corp. of India, and Power Finance Corp. are working with an adviser to weigh selling their stakes around 4% each and bids are due at the end of this month as per Bloomberg.
Adani group owns a significant stake in India’s energy sector through coal mining and trading businesses and electricity transmission and distribution through Adani Transmission Ltd. Adding a state-owned entity will increase the conglomerate's footing in India’s power sector.
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