Manikaran Power System in race to buy NSE stake in PXIL

MPL leading consortium of six interested parties

Kolkata-headquartered power trading licencee Manikaran Power System Limited (MPL) is likely to take a controlling stake in Power Exchange India Limited (PXIL) from the National Stock Exchange (NSE) as the latter decided to offload the power trading platform ahead of its IPO.

In January 2017, NSE along with the National Commodity and Derivatives Exchange (NCDEX) had proposed to shut down “loss-making PXIL” but later it was put on the block. NSE-NCDEX collectively own 61 per cent in PXIL. 

PXIL’s valuation, according to past submissions, is estimated to be around Rs 2,000 crore.

Sources said MPL is leading a consortium of six companies, which