August 29, 2018
Tata Power's JV Resurgent Power Ventures awarded letter of intent for Prayagraj Power Generation Company
National: The lenders of Prayagraj Power Generation Company (PPGCL), a 3X660MW coal-based power project based in UP, have issued a letter of intent to Resurgent Power Ventures (Resurgent Power) for acquisition of 75.01% stake in PPGCL.
Resurgent Power is a joint venture based out of Singapore, and is held 26% by Tata Power through its wholly-owned Singapore-based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank and investors of international repute.
Speaking on the development, Praveer Sinha, CEO and MD, Tata Power, said, “It’s our endeavour to maximise shareholder value through growth and sound investments. After our due diligence, we found that Prayagraj Power fits in our overall scheme of growth. It has all approvals and clearances in place along with long-term PPA and fuel supply agreement. It will be a value-adding asset in Resurgent Power’s portfolio.”
The transaction shall be subject to customary approvals and conditions.