Adani Capital along with Adani Green Power is in race to buy PTC India Ltd’s 64.99 per cent stake in subsidiary PTC India Financial Services Ltd (PFS).
The last day for submission of interest by bidders is July 31, 2020. The successful bidder’s name is likely to be announced in a month. According to banking sources, at least six players have evinced interest for the stake and the Adani group entity is one of the favourites to win the bid. Power Finance Corporation is also believed to be interested, sources said.
PFS, which is registered with the Reserve Bank of India as an “infrastructure finance company”, lends primarily to sectors such as renewable energy, transmission, road HAM (hybrid annuity model) and other annuity projects. It also provides non-fund-based products and services to companies in the power sector.
With the Adani Group is betting big on both the infrastructure and finance services space, the bid for PFS could help it grow business in inorganically. When contacted Adani Group declined to comment.