NE NEWS SERVICE
MUMBAI, DECEMBER 5
Tata Power on Thursday announced that Renascent Power Ventures acquired 75.01% equity stake and 27,00,00,000 preference shares of Rs 10 each of Prayagraj Power Generation Company.
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures — a joint venture between Tata Power International, ICICI Ventures and other reputed global investors —set up to acquire assets in the Indian power sector.
Tata Power International, a wholly-owned subsidiary of Tata Power, owns 26% stake in Resurgent Power and the balance 74% is held by ICICI Ventures and other global investors.
In November 2018, Renascent had signed a Share Purchase Agreement (SPA) with a consortium of lenders led by State Bank of India (SBI) to acquire 75.01% stake in Prayagraj Power Generation Company Limited (PPGCL), which owns and operates a 1,980 MW supercritical power plant in the state of Uttar Pradesh.
This transaction is the result of stressed asset resolution process initiated by the lenders through a competitive bidding process.
