Shares of Adani Enterprises may open higher today as Gautam Adani is reportedly vying for a stake in PTC India.
Shares of the conglomerate had settled 0.14 percent lower at Rs 3,824.25 on the NSE on Friday. The stock has given stellar returns over a long period of time.
Over the past one year, the scrip was up over 120 percent, while over a period of three years, it rallied more than 1,800 percent.
A stake for sale in PTC India Ltd is attracting initial interest from potential suitors, including Asia’s richest man Gautam Adani, Bloomberg reported, citing people familiar with the development.
PTC India is a pioneer in starting a power market in India and undertakes trading activities, which include long-term trading of power generated from large power projects, as well as short-term trading arising as a result of supply and demand mismatches.
Adani is among possible bidders reviewing preliminary information on the business, while other Indian conglomerates are also evaluating whether to bid, the report said.
The conglomerate has significant interests in India’s energy sector through coal mining and trading businesses, as well as electricity transmission and distribution services through Adani Transmission. And, this deal would help Adani Group bolster its grip on India’s energy value chain, the report said.
Billionaire Gautam Adani has said he is very bullish about India and sees the economy growing to as much as $30 trillion by 2050, he recently told India TV.
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