State-run National Thermal Power Corporation Ltd (NTPC) has announced that it has acquired a 44.6 per cent stake for Rs 31.34 crore in Transformers and Electricals Kerala Ltd (TELK), engaged in manufacturing and repair of heavy duty transformers.

In a disclosure to the BSE, the public sector firm said: “NTPC has acquired 44.6 per cent of the (currently) paid-up capital of Transformers and Electricals Kerala Ltd (TELK) from the Government of Kerala at a total value of Rs 31.34 crore.”

The statement further added that the company has obtained the stake from Kerala Government and the final price of deal will be based on the valuation of the TELK's assets as on March 2009.

This transaction in line with the business collaboration and shareholders agreement executed between NTPC, the government of Kerala and TELK.

TELK is employed in manufacturing and repair of heavy duty transformers.