PTC India approves ONGC's bid to buy PTC Energy for 925 crore

PTC India's Board of Directors approved ONGC's offer to purchase PTC Energy Limited, one of its subsidiaries, for 925 crore. In a filing with the stock exchange, PTC India stated, "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 business also stated that the acquisition is subject to PTC India Limited's shareholders approval in accordance with applicable laws. Last month, PTC India gave its approval for the hiring of Manoj Kumar Jhawar as its Director (Commercial & Operations) and Rajiv Ranjan Jha as a non-executive nominee director. On the strength of greater sales, the provider of power trading solutions reported a 5.62% year-over-year increase in its consolidated net profit for the April-June quarter of FY2024 at 142.70 crore.

The corporation, its combined net profit for the three months ending June 30, 2022, was $135.10 crore. From $4,310.74 crore in the same quarter a year prior, the company's total revenue increased to $4,863.46 crore in the quarter under review.

In order to build an asset basis, PTC I, a subsidiary of PTC Energy in India, was established in 2008. Its activities included the import and export of coal as well as the production, supply, and distribution of electricity. The company has put into operation wind projects with a combined capacity of 288.8 MW in the states of Madhya Pradesh, Karnataka, and Andhra Pradesh.