PTC India Board of Directors Approves Acquisition of Energy Consulting Firm from IL & FS Energy Development Co



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PTC India announced that its board of directors on Thursday approved the acquisition of the energy consulting business of IL & FS Energy Development Company.

However, he did not disclose the value of the deal.

The Board of Directors of PTC India Limited, at its meeting held on June 24, 2021, approved a Letter of Intent (LoI) dated June 17, 2021, for the acquisition of the energy consultancy firm of IL & FS Energy Development Company, an IL & FS group company, for an undisclosed value, based on a declining sale, ”he said in an ESB filing.

The letter of intent was issued after following due process prescribed in the resolution framework approved by the NCLT for IL&FS group entities, he added.

PTC India Ltd, an initiative of the Indian government, is the pioneer in starting an electricity market in the country. The company has maintained its leading position in the electricity business since its inception.

PTC has also been commissioned by the government to trade electricity with Bhutan, Nepal and Bangladesh. The business activities undertaken by PTC include the long-term trading of electricity produced from large power projects, including renewables, as well as the short-term trading resulting from the mismatch of supply and demand. , which inevitably occur in various parts of the country.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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