Reading Time: <1 minutes
SJVN Ltd has received the letter of intent (LoI) for the deal that has an enterprise value of around ₹2,000 crore. This is part of the country’s largest electricity trader PTC India’s strategy to exit its wind power business, owned by unit, PTC Energy Ltd.
PTC is a pioneer in starting a power market in India and undertakes trading activities which include long term trading of power generated from large power projects as well as short term trading arising as a result of supply and demand mismatches, which inevitably arise in various regions of the country.
State-run hydropower generator SJVN Ltd has outbid NTPC Ltd to emerge as the preferred bidder for PTC India Ltd’s 288-megawatts (MW) wind power assets spread across Madhya Pradesh, Karnataka, and Andhra Pradesh, two people aware of the development said.
NTPC and SJVN were competing for PTC’s wind power assests.
SBI Capital Markets Ltd is advisor to PTC India while EY is advisor to SJVN.