NTPC inks BTA to hive off its mining business

NTPC Limited has executed a business transfer agreement (BTA) with NTPC Mining Limited to hive off its mining business.

Earlier, the Board of Directors of NTPC Limited has approved the hiving-off of its coal mining business, consisting of 6 coal mines to its wholly owned subsidiary NTPC Mining Limited through BTA. The BTA shall become effective upon completion of the conditions precedent mentioned in the BTA. The consideration of this transaction is Rs 77.95 billion, based on book value as per the audited financials as of March 31, 2023, payable through a combination of cash/ equity shares/ debt liability. The consideration will be adjusted based on the revised balance sheet of the coal mining business, on the date of completion of the transfer of the business.