PTC India in talks with Greenko, Lord Dholakia, Jindal Power for India’s New Power Exchange

Though the power trade on exchanges has picked up in recent months, such transactions in the overall power market in the country are less than 10 percent. The entry of new exchange and modifications in regulations is anticipated to give a boost to power exchanges

August 07, 2020. By News Bureau

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PTC India is set to tie up with international investors and private equity firms such Greenko Energies, Tollman International Varanium Capital (5 percent), and Lord Dholakia as part of its strategy to set up country's third power exchange.

As per the reports, Pranurja Solutions Ltd, PTC Ltd and ICICI Bank is in talks with several global and Indian investors for equity participation in the planned power exchange.

"The investment participation is expected to be finalized by next month after which reworked application would be made by Pranuja for power exchanges licence with Central Electricity Regulatory Commission (CERC)," company sources believed.

CERC has sanctioned the application of Pranurja to set up a power exchange, which will be the country's third after IEX and PXIL. Though, the regulator has requested the promoters to reduce their shareholding to not more than 25 percent each, and come up with a revised equity structure within eight weeks for getting registration of their power exchange.

In the present structure, Pranuja has 49 percent equity holding from PTC while the balance is shared between ICICI Bank and BSE.

In its submission to CERC, Pranuja has delivered a tentative equity structure in the power exchange that lowers the promoter shareholding while bringing other investors. The proposed shareholding pattern is: PTC India Limited (25 percent), BSE Investments Limited (25 per cent), ICICI Bank (9.9 percent), Greenko Energies (5 percent), Kirti Telnet (5 percent), Subrashi Vinimay (5 percent), Jindal Power (2 per cent), Chamaria (3.1 percent), Tollman International (5 per cent), Varanium Capital (5 percent), Lord Dholakia (5 percent), and Meenakshi Power (5 percent).

"The reworked equity structure may not be exactly like the one given to CERC but it would have a mix of Indian and global investors. We need at least two more investors apart from the existing three promoter partners. The exact quantum will be finalized in the next eight weeks and we hope our power exchange is registered by the end of the year so that operations could start early next year," said the source quoted above.

Though the power trade on exchanges have picked up in recent months, such transactions in the overall power market in the country are less than 10 percent. The entry of a new exchange and modifications in regulations is anticipated to give a boost to power exchanges.

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