Private equity firms Blackstone, Saloman Brothers and Goldman Sachs are reportedly eyeing the 49% stake that is up for grabs in PTC India's financial services arm, PTC Financial. The deal is likely to be worth around Rs1.5bn, according to a financial daily.
PTC Financial is registered as a Non-Banking Finance Company (NBFC), and is a wholly-owned subsidiary of PTC India. It intends to provide financial services for power generation projects.
PTC India is mainly into the power trading business. Formerly known as Power Trading Corporation, the company is considering diversifying beyond its traditional power trading business, the newspaper report says.
According to the report, Blackstone, Saloman Brothers and Goldman Sachs are some of the international funds that have evinced interest in buying the 49% stake in PTC Financial. More than one financial investor will be inducted into PTC Financial, the business daily says.
The report quotes PTC India as saying: “We are in talks with various people for equity partnership. However, the specific investors have not been finalized yet.”
Source : India Infoline