Adani Among Potential Suitors Eyeing Stake In Government-Backed Power Trader
NDTV
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 of around 4% each, the people said.
A stake for sale in state-backed electricity trader PTC India Ltd. is attracting initial interest from potential suitors including Asia's richest man Gautam Adani, according to people familiar with the development.
Mr Adani is among possible bidders reviewing preliminary information on the business, the people said, asking not to be identified as the information is private. Other Indian conglomerates are also evaluating whether to bid, one of the people said.
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 of around 4% each, the people said. Bids are due as soon as the end of this month, they said.
A deal would help Adani Group bolster its grip on India's energy value chain. The conglomerate already has significant interests in India's energy sector via coal mining and trading businesses, as well as electricity transmission and distribution services through Adani Transmission Ltd.
