Adani eyes stake in state-backed power trader PTC India - Bloomberg News (updated)

Ptc India Financial Services

06/01/2023 14:50

(Adds details on possible stake sale, background)
       BENGALURU, Jan 6 (Reuters) - A stake for sale in
state-backed electricity trader PTC India Ltd  PTCI.NS  is
attracting initial interest from potential suitors including
Asia's richest man Gautam Adani, Bloomberg News reported, citing
people familiar with the development.
    Adani is among possible bidders reviewing preliminary
information on the business, while other Indian conglomerates
are also evaluating whether to bid, according to the report on
Friday.
    State-owned entities NTPC Ltd  NTPC.NS , NHPC Ltd  NHPC.NS ,
Power Grid Corp of India Ltd  PGRD.NS  and Power Finance Corp
Ltd  PWFC.NS  are working with an adviser to weigh selling their
stakes of around 4% each, with bids due as soon as the end of
the month, Bloomberg News reported.
    Adani Group, PTC India, NTPC, NHPC, Power Grid and Power
Finance did not immediately respond to Reuters requests for
comment.
    PTC India, which also counts Life Insurance Corp of India
 LIFI.NS  and Damodar Valley Corp among its shareholders, has a
market capitalization of 24.64 billion rupees ($297.81 million).
 ($1 = 82.7380 Indian rupees)
 (Reporting by Nishit Navin; Editing by Eileen Soreng and
Shounak Dasgupta)
 ((Nishit.Navin@thomsonreuters.com))