PTC India to monetize investment in subsidiary, appoints SBICAPS

 

PTC India, in a statement, said that it has appointed SBICAPS (SBI Capital Markets) to prepare a roadmap for monetizing PTC India’s investment in one of its subsidiary.

The statement said that SBICAPS would act as consultant to support PTC India in strategic analysis of PTC India’s investment in one of its subsidiaries/associates, namely PTC Energy Ltd.

On its part, SBICAPS shall conduct an analysis of investments to suggest future strategy to be adopted for divestment/holding of PTC India’s investment in its subsidiary company PTC Energy Limited.

Commenting on the above development, Dr. Rajib K Mishra, CMD (Addl. Charge), PTC India Ltd., said. “PTC India has appointed SBICAPS as an advisor to carry out a comprehensive strategic assessment of its key investments in subsidiary company. Given the improved operational profitability in these entities, the exercise being undertaken by SBICAPS seeks to assist PTC in their capital allocation. Amongst other things, the exercise will enable PTC to do a comprehensive review of its investments and ability to monetize them either partially or fully in the best interest of PTC shareholders.”

Also read:PTC India Announces Five Strategic Collaborations Across Energy Value Chain

Renewable assets

According to information available on the official website of PTC India, PTC Energy Ltd (PEL) was formed in August 2008 as a subsidiary of PTC India Ltd. The objective of establishing PEL was to develop an asset base taking in to its sphere the business of generation, supply, distribution, transmission and dealing in all forms of energy including import and export of coal, conversion of coal/ fuels in to electricity, fuel linkages and provide advisory services in energy sector and energy efficiency.

PEL has commissioned seven wind projects aggregating 288.8 mw of installed capacity, spread over Madhya Pradesh, Andhra Pradesh and Karnataka.