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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
Our Standards: The Thomson Reuters Trust Principles.
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