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Tata Power, ICICI Bank’s JV acquires Prayagraj Power Generation project in UP

05 Dec 2019 Evaluate

Tata Power Company and ICICI Bank’s joint venture (JV) -- Resurgent Power has acquired real estate baron Manoj Gaur's biggest power plant at Prayagraj Power Generation (PPGCL) in Uttar Pradesh (UP) by agreeing to takeover Rs 6,000 crore of debt of the company. Renascent Power Ventures, the wholly-owned subsidiary of Resurgent Power Ventures Pte, has acquired 75 per cent stake in PPGCL which owns and operates 1,980 MW coal-based electricity generation unit.

PPGCL is a subsidiary of Gaur's Jaiprakash Power Ventures which has been shedding assets to cut debt. It has sold power projects of about 3,800 MW capacity in the last few years to settle debt of close to Rs 21,000 crore.

Tata Power Company is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

Tata Power Share Price

436.00 -3.20 (-0.73%)
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Company Name CMP
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Tata Power 436.00
Adani Power 225.15
Power Grid Corp 313.90
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