PTC unit to pick up minority stake in TN project

New Delhi: PTC India Financial Services, a subsidiary of power trading major PTC India, has entered into an agreement for picking up a minority stake in a 189-MW project coming up in Tamil Nadu.

Under the pact, PTC India Financial Services will acquire a 26 per cent equity stake in Ind-Barath Powergencom for setting up the proposed thermal power plant at Thoothukkudi district, the company said in a statement.

However, it did not give any financial details. PTC Financial Services, which started operation in mid-2007, has acquired equity stakes in a number of power projects. Earlier this month, it picked up 26 per cent equity stake in Meenakshi Energy for setting up of a 270- MW project at Nellore district in Andhra Pradesh.