India News | NTPC Arm NVVN Acquires 5 Pc Equity Stake in PXIL

New Delhi, Jan 31 (PTI) Power giant NTPC on Monday said its arm NTPC Vidyut Vyapar Nigam Ltd (NVVN) has acquired a five per cent equity stake in Power Exchange of India Ltd (PXIL).

NVVN purchased the stake from NSE Investment Ltd, a co-promoter shareholder of PXIL, on January 31, 2022, according to a statement.

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Financial details were not disclosed. NVVN is a leading power trader in the country and the acquisition of an equity stake in PXIL would provide a strategic opportunity for the company to achieve and maintain a leadership position in the rapidly changing power trading market. It was set up in 2002 as a wholly-owned subsidiary of NTPC.

PXIL is the country's first institutionally promoted power exchange.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)