off-the-wire

UPDATE 1-India's NTPC likely to divest 25% of green energy arm via public offer - source

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds detail, changes source) By Sarita Chaganti Singh NEW DELHI, April 13 (Reuters) - India's largest power producer NTPC Ltd is likely to divest 25% of its green energy arm through a public offering this year after shelving a plan to sell the stake to Malaysia's Petronas, a person familiar with the matter said on Thursday.


Petronas had offered $460 million for a 20% stake in NTPC Green Energy, outbidding local Indian firms with an offer of 27.52 rupees ($0.3362) per share, Reuters reported last month.


The source, who declined to be named as they were not authorised to speak to the media, said NTPC had been seeking an even higher valuation, but Petronas declined.


NTPC and Petronas did not immediately respond to requests for comment.


India's renewables sector is attracting increasing foreign investment and was among the country's top five industries for overseas funds last fiscal year, taking a 5% share of all inflows from April to September 2022, against 3.3% in the same period a year earlier. Bloomberg News reported earlier on Thursday that Petronas withdrew its earlier offer saying a 20% stake was too small and would not give it a seat on the unit's board.
($1 = 81.8600 Indian rupees) (Reporting by Sarita Chaganti Singh in New Delhi and Bharat Govind Gautam in Bengaluru; Writing by Shivam Patel; Editing by Sonia Cheema and Sharon Singleton)

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