PFS to acquire stake in Singapore’s Asian Genco

PTC India Financial Services  will swap its holding in East Coast Energy, a part of Asian Genco, for a stake the in latter firm.

Once the transaction is complete, PFS would have some stake in Singapore’s Asian Genco Pte Ltd, an infrastructure group with significant investments in the Indian power sector.

“This would boost our financial profile as well as the value for investors,” a PFS official said.

Asian Genco owns East Coast Energy which is in the process of developing a 2,640 Mw coal-based thermal power plant Andhra Pradesh. PFS has about 13.87 per cent equity stake in East Coast Energy and invested about Rs 133 crore in the company, sources said.

As per the arrangement, PFS would swap its shareholding in East Coast Energy for stake in Asian Genco.The valuation and related factors of the deal is expected to be finalised in the next 2-3 months. Till then, it would not be possible to ascertain how much stake PFS would have in Asian Genco, sources said.