New Delhi, Jun 24 (PTI) PTC India said its board on Thursday approved the acquisition of the energy consulting business of IL&FS Energy Development Company.
However, it did not disclose the value of the deal.
'PTC India Limited's Board in its meeting held on 24th June, 2021 has approved a Letter of Intent (LoI) dated 17th June 2021, for acquisition of the Energy Consulting Business undertaking of IL&FS Energy Development Company, a Group Company of IL&FS, for an undisclosed value, on a Slump Sale basis,' it said in a BSE filing.
The LoI was issued after following due process prescribed under the resolution framework approved by NCLT for IL&FS Group entities, it added.
PTC India Ltd, a Government of India initiative, is the pioneer in starting a power market in the country. The company has maintained its leadership position in power trading since inception.
PTC has also been mandated by the government to trade electricity with Bhutan, Nepal and Bangladesh.
The trading activities undertaken by PTC include long-term trading of power generated from large power projects, including renewables, as well as short-term trading arising as a result of supply and demand mismatches, which inevitably occur in various regions of the country. PTI KKS KKS ABM ABM