Power trading firm PTC India will sell a 40% stake in its newly formed financial services arm for about Rs 155 crore to Goldman Sachs and Macquarie Singapore, with the Centre clearing a proposal in this regard. Finance minister P Chidambaram has approved PTC India Ltd’s proposal to sell stake in PTC Financial Services (PFS), an official statement said on Friday.
?The announcement comes in line with our expectations. We will make a formal announcement by the end of this month,? a PTC official said. The clearance will enable PFS to sign definitive agreements with the two global investment firms. PTC India Ltd will invest Rs 300 crore for its 60% equity in PFS. Goldman Sachs and Macquarie Singapore will hold 20% share each. The power trading major received foreign investment promotion board’s nod last week. It had also secured a licence from the Reserve Bank of India for PFS, which will function as a non-banking financial company. PFS will provide financial services to power projects and also pick up equity in them.
