Kolkata: Power utility CESC Ltd would advise a consortium of local investors on managing a state-owned distribution company in Nigeria, Sanjiv Goenka, chairman, CESC Ltd, said.
The Nigerian government was to sell a 60% stake in the distribution firm to private investors, Goenka said.
Under the arrangement, CESC would receive a fee of $2.5 million (around Rs.13.75 crore ) each year for five years.
If the venture goes well, CESC could take a 6% equity stake in the distribution company, Goenka said.
CESC on Friday said that its net profit for the July-September quarter jumped 19.2% to Rs136 crore compared to a year ago period.
Its revenue for the period increased by 14.5% to Rs1,344 crore.
The company’s fuel costs increased marginally by 2% to Rs455 crore while its employee expenses rose 14% to Rs139 crore.