The Tata Power Company Limited (BSE:500400), JSW Energy Limited (BSE:533148), Greenko Group PLC and the Torrent Group have submitted expressions of interest (EoIs) to purchase a controlling stake in PTC India Limited (NSEI:PTC), according to people in the know. The Adani Group, which was also widely expected to participate in the bidding process, has not submitted an EoI, the people said. Five public sector undertakings, including four promoter firms of PTC India, are planning to sell their stake in the power trading company that is hit by a controversy over alleged governance issues at its financial services subsidiary.

The successful bidder could gain control of the listed PTC India as well as PTC India Financial Services, its listed financial services subsidiary, if the stake-sale process were to result in a transaction, according to the people. PTC India is in the business of power trading and PTC India Financial Services operates as a non-bank finance company. The promoters - NTPC, NHPC, Power Finance Corp.

and Power Grid Corp. of India - hold a combined stake of around 16% in PTC India. Damodar Valley Corp, which owns a 3.3% ownership, has also decided to divest its shareholding, taking the total stake on offer at nearly 20%, the people said.

Tata Power, JSW Energy, Greenko and Torrent did not offer any comment when contacted. On January 12, PTC India informed stock exchanges that it was "not aware of any such stake sale by the promoter companies". The promoters and Damodar Valley will each appoint an internal committee to arrive at a floor price for the stake sale before taking the process forward, according to sources.