PTC India at its board meeting approved ONGC’s bid to acquire its subsidiary PTC Energy Limited for ₹925 crore.
In an exchange filing, PTC India said, “PTC India in its Board Meeting held on 19 October has approved the bid submitted by ONGC Ltd for the acquisition of a wholly owned subsidiary of PTC India Limited ie PTC Energy Limited (PEL) at an equity value of ₹925 crore subject to adjustments in bid value as per the bid format”.
The company added that the acquisition is subject to shareholders’ approval of PTC India Limited as per applicable regulations.
Last month PTC India approved the appointment of Rajiv Ranjan Jha as a non-executive nominee director and Manoj Kumar Jhawar as its Director (Commercial & Operations).
The power trading solutions provider posted a 5.62% year-on-year rise in its consolidated net profit at ₹142.70 crore for the April-June quarter in FY2024 on the back of higher revenues.
The consolidated net profit of the company stood at ₹135.10 crore in the quarter ended on June 30, 2022, the company said.
Total income of the company rose to ₹4,863.46 crore in the quarter under review, from ₹4,310.74 crore in the same period a year ago.
PTC I, India’s subsidiary PTC Energy was formed in 2008 to develop an asset base and included the business of import and export of coal, power generation, supply, and distribution of power. The company has commissioned wind projects of 288.8MW capacity, spread across Andhra Pradesh, Karnataka, and Madhya Pradesh.