State run NTPC Ltd has appointed consulting firm EY as an advisor for acquiring Reliance Infrastructure Ltd’s Delhi electricity distribution businesses, said two people aware of the development.
NTPC, which accounts for nearly a fifth of India’ installed power generation capacity of 370 gigawatt (GW), had in May evinced interest to buy Reliance Infrastructure Ltd’s 51% stake each in BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL), that supplies electricity to around 4.4 million customers in the national capital.
“EY and SBI Capital Markets had bid for the NTPC’ mandate which was later awarded to EY,” said a first person cited above who did not want to be named.
This comes in the backdrop of Enel Group of Italy, Torrent Power Ltd and Greenko Group submitting non-binding offers to buy Reliance Infrastructure Ltd’s 51% stake each in BRPL and BYPL, Mint reported earlier.
Queries emailed to the spokespersons for NTPC, BSES and SBI Capital Markets Ltd on Thursday morning remained unanswered. An EY spokesperson declined to comment.