NTPC acquires 26% stake from Municipal Corporation of Delhi in joint venture company

NTPC on Thursday said it has acquired 26 per cent stake from Municipal Corporation of Delhi (MCD) held in a joint venture company NTPC EDMC Waste Solutions.

With this, NTPC EDMC Waste Solutions Private Limited (NEWS) will become a wholly-owned subsidiary of NTPC, which presently holds 74 per cent stake, the power giant said in an exchange filing.

"NTPC has signed an agreement with Municipal Corporation of Delhi and NTPC EDMC Waste Solutions Private Limited for termination of Joint Venture Agreement dated 11th June 2019 and acquisition of MCD’s 26 per cent shareholding (52,000 equity shares) in NEWS," the filing said.

NTPC Board and House of Corporation, MCD, have accorded approval for the purchase of MCD’s 26 per cent stake in NEWS by NTPC.

The cost of acquisition of 26 per cent shareholding is Rs 5,20,000 (52,000 equity shares at face value of Rs 10 per share).

NEWS was incorporated on June 1, 2020, as a Joint Venture Company of NTPC and MCD (erstwhile EDMC) with 74 per cent and 26 per cent shareholding, respectively, having a registered office in Delhi to carry out waste management and energy generation business. PTI ABI ABI BAL BAL