Tata Power’s Singapore-based JV -- Resurgent Power Ventures has won the bid to acquire the stressed asset of South East UP Power Transmission Company (SEUPTCL) through its resolution process under the Insolvency and Bankruptcy Code (IBC). Tata Power holds 26 per cent stake in the joint venture through its wholly-owned Singapore-based arm Tata Power International. The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process (held earlier).
SEUPTCL was incorporated as a special purpose vehicle formed by UP Power Transmission Company Limited (UPPTCL) on September 11, 2009, to operate the specified intra-state transmission system for a period of 35 years under public-private partnership model on build-own-operate-maintain & transfer (BOOT) basis.
Tata Power Company is India’s largest integrated power company.
