PETRONAS offers US$460mil for stake in India's NTPC's green arm - sources

A sign for a Petroliam Nasional Bhd (Petronas) gas station stands near the Petronas KLCC Twin Towers in Kuala Lumpur, Malaysia. - Goh Seng Chong/Bloomberg

NEW DELHI: PETRONAS has offered 38 billion rupees (US$460mil) to buy a 20% stake in the green energy arm of India's largest power producer, NTPC, in the first deal of its kind by a state-run firm, three sources told Reuters.

The offer price was higher than the 30 billion rupees NTPC had been expecting when it asked for expressions of interest in NTPC Green Energy (NGEL) last year and was 78% above the second-highest bidder. It values the NGEL at $2.3 billion.