NTPC buys 44.6 per cent stake in Kerala govt-run firm

22 Jun 2009

The National Thermal Power Corporation Ltd (NTPC) has acquired a 44.6 per cent stake in Kerala-based heavy-duty transformer maker Transformers and Electricals Kerala Ltd, for Rs31.34 crore.

The state-run electricity generator has acquired the stake from the government of Kerala, which runs TEK, according to a filing with the Bombay Stock Exchange.

The acquisition of the stake is "in line with the business collaboration and shareholders agreement executed between NTPC, the government of Kerala and TEKL," the statement said. However, the deal value is "subject to final price, to be based on the valuation of the assets of TELK as of 31 March 2009," NTPC added.

TELK manufactures and repairs heavy-duty transformers.