PTC India Limited's board of directors, at its meeting on Monday, October 26, approved the incorporation of a wholly owned subsidiary as a special purpose vehicle (SPV) to establish and operate a Mineral Exchange in India under the Mineral Exchange Rules, 2026, The Hindu BusinessLine reported, citing the company's exchange filing.

Source: The Hindu BusinessLine

The board also approved an equity investment of up to Rs 65 crore — yaani Rs 650 million — in the proposed subsidiary, to be infused in one or more tranches. The initial subscription will be Rs 10 crore towards one crore equity shares of Rs 10 each at par, paid entirely in cash, and PTC India will hold 100 per cent of the subsidiary at incorporation, according to the filing details reported by Kalkine.

Source: Kalkine

After the SPV is incorporated, it will apply to the Indian Bureau of Mines (IBM) for a Certificate of Registration, which will be issued subject to the prescribed conditions and approval of the Central Government, the company said. The proposed exchange is intended to facilitate delivery-based electronic trading in permitted minerals, supporting transparent price discovery and delivery-based supply contracts.

The incorporation remains subject to IBM granting an extension of time for the application, PTC India said. The original deadline for submitting applications to IBM was November 2, 2026, and the company has applied for an extension, according to the filing.

PTC India is a listed power trading company. Its move follows the new Mineral Exchange framework, under which registered exchanges are to operate electronic platforms for mineral trading in India.