PTC India, power trading firm is planning to launch a private equity fund, which is likely to have an initial capital of about $100 million. The company is in talks with a sovereign wealth fund for introducing a private equity fund.
PTC’s subsidiary PTC India Financial Services (PFS) already lends to power sector including renewable energy projects. In May 2010, company had announced the launch of an infrastructure fund in a joint venture with specialist emerging markets asset manager Ashmore but due to various reasons PTC Ashmore India Energy Infrastructure Fund, which was to provide equity financing to power projects, did not take off. PTC has entered into Power Purchase Agreements (PPAs) for over 15,000 Mw, including 1,416 Mw of cross border projects.
The company has reported quarterly profit after tax (PAT) slide by 10.96% to Rs 35.57 crore against Rs 39.95 crore in the same period a year ago. Its total income decreased by 3.25% at Rs 2389.05 crore for the quarter under review from Rs 2469.33 crore for the same quarter last year.
PTC India is engaged in the business of trading activities that includes long term trading of power generated from large power projects as well as short term trading in India.
