NTPC seeks investors for green unit after Petronas withdraws bid
Updated: Apr 13, 2023 01:52:14pm
NTPC seeks investors for green unit after Petronas withdraws bid
New Delhi, Apr 13 (KNN) The National Thermal Power Corporation (NTPC Ltd) will look for fresh offers for a stake in its green unit after Malaysian oil major Petroliam Nasional Bhd. retracted its highest offer of nearly Rs 41.3 billion for a 20 per cent stake, reported ET.
This underlines the challenges India faces in rapidly developing its renewables industry to meet climate goals.
As per people aware of the matter told ET that Petronas later retracted the bid, saying the stake was too small and won’t give it a seat on the unit’s board, the people said, asking not to be named as the discussions are private.
NTPC Green would have valued at about Rs 206.5 billion if Petronas’s bid would stay.
This is a major concern and a roadblock for India’s efforts in adding capacity to its renewables industry.
The difficulties of India’s largest power producer to find an investor highlights this. (KNN Bureau)