MUMBAI: Billionaire Gautam Adani has decided against bidding for a stake in state-backed electricity trader PTC India, people familiar with the matter said, as his business empire looks to preserve cash amid criticism from a US short-seller.
Adani was among the possible bidders reviewing preliminary information on the Mumbai-listed company, Bloomberg News reported in January. The tycoon will not proceed with any offer for the energy trading firm, said the people, who asked not to be identified as the information is private.
