Power producer NTPC to sell stake in green energy business: Sources

India’s largest power producer NTPC Ltd aims to sell a 20 per cent stake in its green energy business this fiscal year, expecting to raise up to 30 billion Indian rupees ($363.97 million), three government sources said.

The deal marks the first green transaction by an Indian state company, which has drawn interest from investors, such as Canada Pension Plan Investment Board (CPPIB), Malaysia’s Petronas and Brookfield.

The decision to sell 20 per cent to strategic investors will be followed by an initial public offering of NTPC Green Energy Ltd (NGEL) next financial year, two of the sources, senior government officials with direct knowledge of the matter, said.