PTC India Approves ONGC Bid To Acquire Wind Power Unit For Rs 925 Crore

PTC India Ltd. has approved ONGC Ltd.'s bid to acquire its subsidiary PTC Energy Ltd. for Rs 925 crore.

The company's board approved the offer, which is subject to adjustments in bid value in keeping with the bid format, according to an exchange filing on Thursday.

The transaction is subject to the fulfillment of conditions precedent, other terms as well as conditions and approvals under applicable laws, the filing said.

PTC India will now seek shareholders’ approval for the sale of its wholly-owned subsidiary.

PTC Energy was formed in August 2008 to develop asset base, taking into its sphere the business of generation, supply, distribution, transmission as well as dealing in all forms of energy, including import and export of coal, conversion of coal/fuels into electricity, fuel linkages and provide advisory services in energy sector and energy efficiency.

The company has commissioned wind projects totalling 288.8 MW capacity, which is spread over seven projects located in Madhya Pradesh, Andhra Pradesh, and Karnataka.

PTC India is a leading provider of power trading solutions in India, established in 1999 as a government-initiated public-private partnership.

Shares of the company closed 0.57% lower at Rs 138.35 apiece ahead of the announcement on Thursday, as compared with a 0.38% decline in the S&P BSE Sensex.