The government has initiated the process for two more merger and acquisitions (M&As) in the energy sector. This will be the next round of action for the government after the high-profile merger of Hindustan Petroleum with ONGC last year.
“The GoI (Government of India) proposes to engage one Advisor from reputed professional consulting firms/ investment bankers/ merchant bankers/ financial institutions/ banks, for facilitating/assisting DIPAM in the process of (up to) two merger and acquisitions in the energy sector, till completion of the transactions, unless called off by GoI,” a request for proposal issued by the Department of Investment and Public Asset Management (DIPAM), said.
Though the RFP did not mention the name of any company to be merged or acquired, it is believed that the move is aimed at companies in the power sector. Sources said that NTPC wrote to the Centre expressing interest in SJVNL (earlier known as Satluj Jal Vidyut Nigam Limited). However, the Government of Himachal Pradesh is not willing to sell its stake in SJVNL. Read more