NTPC, PGCIL, REC, PFC mulls to quit as promoter of PTC India
The main shareholders are four public sector undertakings: NTPC, Power Grid Corporation of India, PFC, and NHPC, all of which are promoters of the company.
NTPC, PGCIL, REC, PFC mulls to quit as promoter of PTC India
PTC India Ltd. is a leading provider of power trading solutions in India, established in 1999 as a Government of India-initiated public-private partnership. The company's focus is on developing a commercially vibrant power market in the country.
Recently, key shareholders have decided to limit their relationship with PTC India, which is currently under investigation by regulators for corporate governance lapses.
The main shareholders are four public sector undertakings: NTPC, Power Grid Corporation of India, PFC, and NHPC, all of which are promoters of the company.
They wish to step back from their roles in order to protect their companies from any negative consequences stemming from the PTC India inquiry. This includes plans to reduce their involvement in PTC India’s activities, such as board representation.
Currently, these entities collectively own just over 16 percent of PTC India Ltd. However, the process of disengaging could take considerable time and may require amendments to the existing shareholder agreements.
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