Power Exchange bets on renewable energy; to focus on revival of REC market
Power Exchange India Limited (PXIL), the power trading platform of National Stock Exchange (NSE), is putting its bets on renewable energy after its re-launch. It will focus on reviving the Renewable Energy Certificates (REC) market which has been facing tepid interest from the market.
PXIL faced financial crisis in 2017 when its net worth eroded and promoters of NSE and NCDEX wanted to shut it down prior to NSE’s proposed initial public offering (IPO).
“Promoters have been keen that they develop different market places. The catch-22 situation was erosion of net worth and finding external financing which was difficult. But FY18 onwards, PXIL has been making profit. The main reason for revival was shifting focus on our strength areas,” Prabhjit Kumar Sarkar, managing director of PXIL told Business Standard.
