M&A

M&A

PTC to divest 100% equity in PTC Energy to ONGC for Rs.2,021-Cr enterprise value

PTI  

Power trading solution provider PTC India will divest its 100% equity stake in its arm PTC Energy Ltd (PEL) to state-owned upstream firm ONGC. The bid submitted by ONGC is an all-cash bid of INR 925 crore for acquiring PTC's equity stake in PTC Energy Ltd, which corresponds to an enterprise value (i.e. the sum of outstanding debt and equity value) of INR 2,021 crore. PTC Energy was established in August 2008 as a subsidiary of PTC India. It has commissioned seven wind projects of 288.8 MW capacity in Madhya Pradesh, Andhra Pradesh and Karnataka.