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Power Trading Corp Picks UK's Ashmore As JV Partner

13 November, 2009

Power Trading Corporation (PTC) India Ltd has decided on UK’s Ashmore Investment Management Ltd as joint venture partner for its private equity foray. In a filing with the stock exchanges, PTC said, it had raised Rs 500 crore through a qualified institutional placement (QIP) in May for setting up a third party fund.

Though the fund size was not disclosed, earlier reports have put the target as anywhere between $500 million and $1 billion.

PTC Chairman and Managing Director T N Thakur told Reuters in May that the fund will take a 20-30% stake in private power projects, and will also sell power through PTC’s power trading facilities.

Ashmore, which manages assets across emerging markets, already has a presence in India. It has investments in companies like Broadband Pacenet and Quality Care India. It also operates the $80-million Alchemy Ashmore, a joint venture with Alchemy Partners LLP. This fund has investments in apparel retail firm Numero Uno Clothing and Kerala-based NBFC Manappuram Group. As on September 30, 2009, Ashmore manages $31.1 billion across various funds.

India’s power sector has been high on the radar of PE investors and has also led the fund-raising pack in the capital markets. In a major deal recently, Hyderabad-based Ind-Barath Power Infra Ltd raised $100 million from Sequoia Capital India, Bessemer Venture Partners and Citi Venture Capital International last month. Other major deals this year include IDFC Project Equity’s $70-million investment in Essar Power and $78-million pre-IPO investment by Capital International and 3i Group in Adani Power.


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Power Trading Corp Picks UK's Ashmore As JV Partner

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