The Gautam Adani-led Adani Group is planning to buy a stake in state-backed power trader PTC India, Bloomberg news quoted sources as saying on Friday.

Share Market Live

NSE

Adani is among a group of conglomerate bidders reviewing preliminary information of the business, the report said, adding however that a PTC representative told the news agency that "the firm is not aware of any such stake sale by its promoter companies".

An Adani Group representative refused to confirm or deny the development, saying they don't "comment on speculations".

State-owned entities NTPC, NHPC, Power Grid Corp. of India and Power Finance Corp. are mulling stake sale of around 4% each, Bloomberg reported, adding that bids are due by the end of the month.

PTC's shares have declined about 23.1% over a year, bringing its market value to around $301 million, according to Bloomberg data.

PTC, formerly known as Power Trading Corp. of India, was incorporated in 1999 as a public-private partnership and began trading energy in 2001, according to its website. It has the largest market share in the country, and its clients include all of India’s state utilities as well as in some neighboring countries, the website shows.

Also read:

Adani Ports records 8% growth in container volume in December 2022

(Edited by : Pradeep John)