Ashmore Group Selected by PTC as Partner for Third Party Fund

Submitted by Prema Kher on Fri, 11/13/2009 - 01:33

Power trading company PTC India Ltd., confirmed during its November 11 board meeting that the Ashmore group has been selected by it as a joint venture partner for a third party fund the firm is looking to form.

While PTC's board has approved the terms sheet of the partnership, the structure of the fund as well as all the agreement terms are currently being negotiated with Ashmore and a final decision can come anytime soon.

In May this year, PTC had, to raise funds for the partnership, set up a QIP (qualified institutional placement) and rose as much as Rs. 500 crores via the same.


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