Singapore, March 17: :India's Power Finance Corp said on Monday that a deal with top power producer NTPC to set up a power exchange in India is on track, despite the pull-out of two key partners.

"It's still on. Very much so," PFC Chairman and Managing Director V.K. Garg said on the sidelines of an investment conference in Singapore, adding that he expects to sign an agreement on the deal with NTPC next week.

PFC is a state-run financial institution for the energy sector.

NTPC, PFC, National Hydroelectric Power Corp and several companies had formed a joint venture to set up what would be India's second power exchange.

The venture had appeared to unravel after the National Stock Exchange and the National Commodity and Derivatives Exchange pulled out from the deal last month.

India's first power exchange, which will allow companies to trade electricity, will start operating later this year. It is operated by a joint venture involving Financial Technologies and MCX.

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