NTPC to plan IPOs of three units, may raise US$2bil

Rising climate change concerns have restricted funding to fossil fuel projects and funnelled investments into green energy. India’s fossil fuel tycoons including Mukesh Ambani, (pic) Gautam Adani and Sajjan Jindal have acknowledged the shift.

NEW DELHI: India’s coal power giant NTPC Ltd expects to raise 150 billion rupees (US$2bil or RM8.4bil) through initial public offerings (IPOs) in three units including its renewables business, and the paring of a joint venture stake, according to a company official familiar with the plans.

The state-run generator plans to sell shares in NTPC Renewable Energy Ltd within a year, the official said, asking not to be named as the plans are still not public. A listing of hydropower unit North Eastern Electric Power Corp, which it bought last year, and power trading arm, NTPC Vidyut Vyapar Nigam Ltd, are planned for early 2024, the person said.