“ReNew Power and NTPC have been involved in talks with the company for the last few weeks and the two are expected to soon submit binding bids for acquiring the assets. One or two other financial investors could also put a binding bid for the assets," said the first person cited above.
The sale could fetch a valuation of around ₹2,000 crore, he said. The investment banking arm of KPMG is managing the sale process, the person added.
The process had also seen interest from other buyers such as the local arm of CLP Holdings Ltd, Macquarie Infrastructure and Real Assets (MIRA) and Hero Future Energies, Mint reported on 11 January.
Spokespersons for KPMG and ReNew Power declined to comment.
Emailed queries sent to NTPC on Wednesday remained unanswered.
“PTC India Ltd is considering various options for funding growth of its subsidiary PTC Energy Ltd (PEL), including getting a suitable strategic investor on board. KPMG is advising PTC in this matter," a PTC India spokesperson said in an emailed response.
Mint first reported the sale process on 7 January.
India’s wind sector has transitioned from a feed-in tariff regime, which ensured a fixed price for wind power producers, to tariff-based competitive auctions. Access to low-cost finance is a key competitive advantage in an auction-based system.
In addition, falling tariffs have also pushed the industry towards consolidation.
Several renewable energy deals are in the works in the Indian market.