The company added that the acquisition is subject to shareholders' approval of PTC India as per applicable regulations.

PTC India serves as a bridge between power generators and utilities by engaging in power trading activities. The company has also been mandated by the Government of India to trade electricity with Bhutan, Nepal and Bangladesh. The trading activities undertaken by PTC include long term trading of power generated from large power projects including renewables as well as short term trading arising as a result of supply and demand mismatches, which inevitably occur in various regions of the country.

On a consolidated basis, net profit of PTC India rose 10.59% to Rs 129.83 crore while net sales rose 15.35% to Rs 4772.28 crore in Q1 June 2023 over Q1 June 2022.