State-run NTPC Ltd has begun the groundwork to hold initial share sales of its units NTPC Vidyut Vyapar Nigam Ltd (NVVN) and NTPC Renewable Energy Ltd (NTPC REL), with merchant bankers making preliminary presentations, said two people aware of the development.
NVVN and NTPC REL are likely to be among the first clean energy firms to list on domestic bourses. Both are expected to play a pivotal role in helping India’s largest power generation utility reach 60 gigawatts (GW) renewable energy capacity by 2032 from around 4GW currently. NTPC plans to invest Rs 1 trillion between 2019 and 2024 to turn a 130GW power producer by 2032.
“The plan involves listing NVVN and NTPC REL. The quantum of the IPOs and their timing are yet to be decided. The merchant bankers are making preliminary presentations, post which a bid process will be called for a formal engagement," one of the two people cited above stated, seeking anonymity.
While NVVN was formed for power trading, it was