PTC India at its Thursday board meeting approved ONGC’s bid to acquire its subsidiary PTC Energy Limited for ₹925 crore.
In an exchange filing, PTC India said, “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 company added that the acquisition is subject to shareholders’ approval of PTC India Limited as per applicable regulations.
Last month PTC India approved the appointment of Rajiv Ranjan Jha as a non-executive nominee director and Manoj Kumar Jhawar as its Director (Commercial & Operations).
The power trading solutions provider posted a 5.62% year-on-year rise in its consolidated net profit at ₹142.70 crore for the April-June quarter in FY2024 on the back of higher revenues.
The consolidated net profit of the company stood at ₹135.10 crore in the quarter ended on June 30, 2022, the company said.
Total income of the company rose to ₹4,863.46 crore in the quarter under review, from ₹4,310.74 crore in the same period a year ago.
PTC I, India’s subsidiary PTC Energy was formed in 2008 to develop an asset base and included the business of import and export of coal, power generation, supply, and distribution of power. The company has commissioned wind projects of 288.8MW capacity, spread across Andhra Pradesh, Karnataka, and Madhya Pradesh.
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp