Citing sources this report said that IDBI Capital’s bid emerged as the lowest among ten investment banks which include the likes of Goldman Sachs, Axis Capital, ICICI Securities and DAM Capital.
The IPO proceeds will be used to fund ongoing and future projects of the NTPC subsidiary across solar energy, green hydrogen and green ammonia, the report said, quoting people in the know.
India’s largest power producer NTPC expects its green energy arm to go public in the fiscal year ending March 2025, a senior company executive had earlier said. The state utility also plans to add 4 to 5 gigawatts (GW) of renewable power and 3 GW of coal-fired power capacities during the same period, said the executive who declined to be identified as the information has not been made public yet.
NTPC Green is a wholly owned subsidiary of NTPC with an operational capacity of over 3.4 GW and 26 GW in the pipeline, including 7 GW under implementation.
The state-owned power giant NTPC received approval from the Department of Investment and Public Asset Management (DIPAM) in January to list its green energy arm NTPC Green Energy Ltd (NGEL) to raise up to Rs 10,000 crore. The company is planning to utilise the funds towards energy transition and setting up green energy projects, including solar and green hydrogen, a report by PTI earlier had said. In December 2023, NTPC CMD Gurdeep Singh had told PTI that his company is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand for power going forward. The company has a target to add 60GW of renewable energy capacity by 2030, which it expects to achieve even earlier.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
