New Delhi: The finance ministry is looking to push through at least two more M&A deals among the state-run companies in the energy sector after Power Finance Corporation ’s acquisition of REC Ltd last week, as it makes a year-end dash to meet its disinvestment target.The plans revolve around power generation major NTPC becoming an energy sector holding company by acquiring three or more public sector firms from the government, two government official said on condition of anonymity.In the first phase of the plan, NTPC Ltd will buy the central government’s 64% stake in SJVN Ltd, which at current valuation would fetch over Rs 6,500 crore. Simultaneously, NHPC could acquire from the government the North Eastern Electric Power Corporation Ltd, making it a strong portfolio of hydro power firms, one of the officials said.The next phase could involve bringing transmission companies such as Power Grid Corporation of India Ltd. into the fold along with NHPC to create a power sector behemoth under NTPC, the official said.“So, essentially, NTPC becomes the holding company, with all these entities under its umbrella, but each company will have its own management control,” the official told ET.The idea of separate management control as being followed in all the cases of M&A among state-run companies will ensure continuity, the person said.Other smaller central public sector enterprises (CPSEs) such as Damodar Valley Corporation could also be a part of this plan, the person said.So far, the government has raised Rs 32,997 crore of the targeted Rs 80,000 crore from disinvestment this fiscal. The second official said the government is confident of completing at least the first phase of the plan in this fiscal.“This is not being carried out with the sole of idea of disinvestment but for creating stronger entities which can also compete globally,” the official said. Similar linkages are also being explored in the oil sector, he said.Last week the cabinet approved of the sale of government’s entire 52.63% stake in power sector financier REC Ltd to state-run PFC. The government will raise around Rs 14,000 crore from the stake sale.The department of investment and public asset management (Dipam), which administers the disinvestment programme, has selected ICICI Securities as an advisor for up to two deals in the energy sector.The government’s strategic sale programme hasn’t picked up any steam.Dipam secretary Atanu Chakrabarty had recently expressed confidence that the government will be able to meet its target. He also said that there is substantial interest in state-run helicopter service provider Pawan Hans where government is looking to sell its 51% stake. “Pawan Hans (PHL), for which an RFP (request for proposal) has been invited, has got substantial competitive interest,” he had said.