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| PTC likely to hold minority stake in proposed power AMC |
| Press Trust of India / New Delhi Nov 12, 2009, 16:35 IST |
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Power trading firm PTC India is likely to have minority stake in its proposed joint venture with UK-based Ashmore Group for funding power projects in the country.
PTC India has got the board's approval to form a joint-venture company with the UK-based Ashmore Group for creating a fund to finance the projects in the power sector. The two companies would form an Asset Management Company (AMC) for the same.
"The money raised would be used for investing in the Indian power sector by a third party (AMC)...We would be putting the finances along with Ashmore. We would hold minority stake in the fund," a company official said.
The fund structure and joint venture agreement, which is under negotiation with Ashmore is likely to be finalised by next month end.
"The fund structure is expected to be decided by December end," he said, adding that as a minority holder, PTC would have various advantages. He, however, did not elaborate on the same.
PTC had raised Rs 500 crore through Qualified Institutional Placement in May 2009 for launching a third party fund. Shares of the company were trading at Rs 111.00, down 1.86 per cent on the BSE.
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