PTC India Financial Services likely to exit Ind-Barath project

PTC India Financial Services, a unit of power trading firm PTC India is likely to sell its investment in a power project by Ind-Barath, besides selling part of its stake in Indian Energy Exchange (IEX) this fiscal.

PTC invested about Rs 55 crores in Ind-Barath project in August, 2008, and the exit is likely to be in August or September. The New Delhi-based financial services firm, in which Macquarie holds 3.46% stake and HSBC owns 3.68%, expects to earn a post-tax return of 23.75% per annum on exiting the Ind-Barath project. The firm may also divest part of its 21% holding in IEX this year. It had divested 5 percent in IEX last year at a premium of Rs 108 a share.

Recently, PTC India Financial Services has sanctioned debt aggregating Rs 500 crore to 3 power companies for various projects. The projects includes one hydro project promoted by an Indian company in Nepal, one thermal project with captive coal mines, and another company engaged in executing the EPC contracts for power transmission lines.