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This story is from September 29, 2007
NCDEX, NTPC to float co for power exchange
National Commodity and Derivatives Exchange will form a company within the next 3-4 weeks along with six other firms including NTPC, NHPC and PFC, for its proposed power exchange.
NEW DELHI: National Commodity and Derivatives Exchange will form a company within the next 3-4 weeks along with six other firms including NTPC, NHPC and PFC, for its proposed power exchange, as directed by sectoral regulator CERC.
PowerGrid Corp, National Stock Exchange, Tata Power, NTPC Ltd, National Hydro Power Corp and Power Finance Corp along with the commodity exchange would hold almost equal stake in the proposed firm, NCDEX managing director and chief executive officer P H Ravikumar said.
"Central Electricity Regulatory Commission in a hearing has asked us to set up a separate company. The seven of us — NTPC, NHPC, PGCIL, PFC, NSE, Tata Power and NCDEX plan to set up the company in 3-4 weeks, in which each firm would hold more or less equal stake in the company," Ravikumar said.
NTPC had filed a petition with CERC seeking permission for setting up a power trading exchange, hearing for which was held on September 25.
The step would follow putting in place the required infrastructure, he said adding the power bourse would be operationalised within the next three months.
NCDEX, country's second commodity exchange by volume, has tied up with IIT Kanpur for sourcing technology infrastructure for the bourse, which would cost up to Rs 30 crore.
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