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Malaysia’s Petronas Offers $460mn for 20% Stake in NTPC’s Green Arm

Malaysia's Petronas has offered 38 billion rupees ($460 million) 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 said.

 

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.

 

The deal was the first time an Indian state-run company has offered a stake in a renewable energy arm and comes as the country's renewables sector is attracting increasing foreign investment.

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