GMR to take equity stake in Power Exchange India Ltd

NEW DELHI: GMR group, which is enhancing its presence in energy sector, on Monday said it would take a call by this month-end on equity participation in Power Exchange India Ltd, a venture promoted by the National Stock Exchange and the NCDEX for sale and purchase of electricity.

"The percentage of share will be decided by the exchange (PXIL) first and then by the company's board members," Sunil Agrawal, head, power trading and regulatory of GMR Energy, which would buy equity in the venture, told PTI.

"The matter is already under consideration and the decision will be made in a month's time," he said.

GMR Energy received the trading licence from power sector regulator, the Central Electricity Regulatory Commission (CERC), in October last year and has traded over 600 million units of power since then. The company trades power on both day-ahead and month-ahead basis.

"It (stake in PXIL) is like a long-term investment for GMR Energy," Agrawal said.

PXIL is country's second exchange for power trading after India Energy Exchange, promoted by the Financial Technologies. PXIL commenced operations on October 22 last year.

GMR Energy has plans to enter nuclear power arena and has announced investment of over Rs 10,000 crore for setting up capacity of over 2,000 MW nuclear power plant in addition to expansion in thermal and hydro ventures.