PTC India board Gives a Nod to Acquire IL&FS Energy Development Energy Consulting Biz

By siliconindia  |  Friday, 25 June 2021, 09:23:06 AM IST

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PTC India has announced that its board has approved the acquisition of the energy consulting business of IL&FS Energy Development Company Energy Deve.

However, the value of the deal is not disclosed. In a BSE filling it said, "PTC India Limited's Board in its meeting held on 24th June, 2021 has approved a Letter of Intent (LoI) dated 17th June 2021, for acquisition of the Energy Consulting Business undertaking of IL&FS Energy Development Company, a Group Company of IL&FS, for an undisclosed value, on a Slump Sale basis."

The LoI was issued after following due process prescribed under the resolution framework approved by NCLT for IL&FS Group entities, it added. PTC India, a Government of India measure, is the pioneer in starting a power market in the country. The company has maintained its leadership position in power trading since inception. PTC has also been mandated by the government to trade electricity with Bhutan, Nepal and Bangladesh

The trading activities undertaken by PTC include long-term trading of power generated from large power projects, including renewables, as well as short-term trading arising as a result of supply and demand mismatches, which inevitably occur in various regions of the country.

 

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