Tata Consultancy Services Ltd (TCS) is now mulling a reduction of its stake in the Rs 50-crore equity of National Power Exchange (NPEX) from the present 50 per cent to 16.66 per cent.
According to shareholders agreement, TCS is required to prune its majority shareholding before commencement of business, according to sources
Other promoter-partners in the joint venture NPEX are National Thermal Power Corporation (NTPC), National Hydroelectric Power Corporation (NHPC) Ltd and Power Finance Corporation Ltd.
These three PSUs currently hold 16.66 per cent each and would continue to do so under the shareholders' agreement. The agreement also provides for combined private investment to a maximum of 50 per cent.
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TCS is free to unload part of its holding to private partners. It is understood that Infrastructure Leasing & Financial Services (IL&FS) could pick up a part of stake in NPEX, which was granted in-principle approval by Central Electricity Regulatory Commission on July 1 to set up and operate the power exchange.
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