Standard & Poor's Ratings Services said on Thursday that its rating on Indian power producer NTPC is not affected by the Indian government's offer-for-sale on a part of its stake in the company.
The Government is divesting 9.5 per cent of its stake in the power producer. The share sale process is under way at the time the report was filed.
"We expect the Government to remain NTPC's majority shareholder and the Ministry of Power to retain administrative control over the board. Therefore, at this stage, we believe that the reduction in the Government's shareholding in NTPC to 75 per cent from 84.5 per cent will not change our assessment of the company's "very strong" link with the government," the ratings agency said in statement released from Singapore.