India’s largest power generation firm NTPC is plotting an exit from PTC India after a raft of resignations from independent directors earlier this year alleging mismanagement at the nation’s biggest power trading firm and its subsidiary, two people told Mint.
The state-run power major has roped in a consultant for the transaction, the people said.
“The public sector major has been considering an exit from the power trading company, but it would be a major market-moving decision; so, the company has been cautious and no concrete decision has been taken so far,” one of the two people said.
Exit needs approval from the Centre as PTC India has been set up by a government directive, NTPC had said in its annual report.
The exit is part of NTPC’s plan to offload shares in subsidiaries and joint ventures, the second person said.
This comes after Mint had reported earlier on September 6 that the state-run power major is plotting to dump stake in a few subsidiaries and joint ventures as part of asset monetisation.