PTC India, formerly known as the Power Trading Corporation of India, has selected UK-based emerging markets specialist Ashmore Investment Management as its joint venture partner for the formation of its maiden private equity fund.
The fund’s target has not been disclosed.
The structure of the fund and the joint venture agreement is currently under negotiation, PTC India said in a statement to the Bombay Stock Exchange.
The fund will invest in “needy” projects, thereby speeding up their financial closure. In May, Tantra Narayan Thakur, chairman and managing director of PTC India, told Reuters the fund would buy up to 30 percent equity stakes in private power projects, which will sell power through the company’s power trading facilities.
Based in New Delhi, PTC India provides long- and short-term power sale solutions as well as providing equity support to energy projects.
Ashmore is a London Stock Exchange-listed fund manager. The firm’s strategies include private equity, distressed debt, US dollar-denominated debt, local currency-denominated debt, public equities and corporate high yield.