NEW DELHI: Malaysia’s Petronas has offered 38 billion rupees ($460 million) to buy a 20% stake in the green energy arm of India’s largest power producer, NTPC, in the first deal of its kind by a state-run firm, three sources told Reuters.
The offer price was higher than the 30 billion rupees NTPC had been expecting when it asked for expressions of interest in NTPC Green Energy (NGEL) last year and was 78% above the second-highest bidder. It values the NGEL at $2.3 billion.
NTPC and Petronas did not immediately respond to requests for comment. The sources declined to be named as the deal is still being finalised.
