Power exchange backed by BSE, PTC, ICICI to divest 60% promoter stake

The country's proposed third power exchange promoted by PTC India Ltd, BSE and ICICI Bank has engaged a merchant banker to divest 60 per cent stake in the project to a diverse class of investors, a senior official said on Thursday.

The promoters cannot together hold more than 40 per cent, he said.

The proposed electricity exchange is awaiting clearance from the Central Electricity Regulatory Commission (CERC).

"The plan for setting up the exchange is on... We have applied to the regulator, and it has asked for certain compliances... We have replied... It is at an advanced stage," PTC India CMD Deepak Amitabh said.

He was talking to reporters on the sidelines of the environment and energy conclave, organised by the the Bengal Chamber of Commerce and Industry here.

"Technically, we cannot hold more than 5 per cent, BSE not more than 25 per cent and ICICI Bank not in excess of 10 per cent. We are trying to include a broad base of investors.

"We want representation from power consumers, generators and other stakeholders. We are in dialogue with a lot of people," Amitabh said.

BSE, along with PTC India and ICICI Bank had filed a petition with the CERC in September 2018 for grant of licence for setting up a new power exchange.

India has two operating power exchanges-- Power Exchange of India Ltd (PXIL) and India Energy Exchange (IEX).

An electricity exchange functions on the lines of commodity exchanges. It also provides a payment security mechanism to the buyers and sellers.