Deals
India Is Said to Mull Selling $2.6-Billion NHPC Stake to NTPC
- NHPC surged 9.7% after the news, before closing 3.9% higher
- Talks are at early stage; some formalities may be done FY19
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India’s ministries of finance and power are discussing a plan to sell government’s stake in hydro-power producer NHPC Ltd. to its state-run peer NTPC Ltd., the nation’s biggest electricity generator by capacity, according to people familiar with the matter.
The government’s 73.67 percent stake in NHPC is worth about 182 billion rupees ($2.6 billion) as per current prices, according to Bloomberg calculations. Talks are at an initial stage and a deal is unlikely to be concluded this fiscal year, although the government plans to complete some formalities before March, the people said. NHPC surged as much as 9.7 percent before closing 3.9 percent higher at 24.15 rupees.