Reliance Velocity Limited agreed to acquire 30.2% stake in Utility Powertech Ltd from NTPC Limited (NSEI:NTPC) for approximately INR 660 million on May 10, 2024. The consideration consists of approximately INR 660 million in cash. As part of the consideration, INR 664.4 million was paid towards common equity.

The transaction is expected to be close on or before May 30, 2024.