NTPC arm NVVN acquires 5 pc equity stake in PXIL

Power giant NTPC on Monday said its arm NTPC Vidyut Vyapar Nigam Ltd (NVVN) has acquired a five per cent equity stake in Power Exchange of India Ltd (PXIL).

NVVN purchased the stake from NSE Investment Ltd, a co-promoter shareholder of PXIL, on January 31, 2022, according to a statement.

Financial details were not disclosed.

Pursuant to the transaction, NSE Investments Ltd's stake in PXIL would come down to 29.21 per cent.

NVVN is a leading power trader in the country and the acquisition of an equity stake in PXIL would provide a strategic opportunity for the company to achieve and maintain a leadership position in the rapidly changing power trading market.

It was set up in 2002 as a wholly-owned subsidiary of NTPC.

''With this investment, the largest stakeholder and a beacon of power sector's growth in India has reposed faith in PXIL.

''This investment validates the capabilities of PXIL and more importantly demonstrates the need for a competitive power market in our country,'' a PXIL spokesperson said.

PXIL is the country's first institutionally promoted power exchange.