Resurgent Power Ventures (Resurgent Power) has completed the acquisition of South East UP Power Transmission Company (SEUPPTCL), and has settled the debt of all existing creditors as per the terms of the Resolution Plan. The transaction was part of a stressed asset resolution process run by Resolution Professional under the supervision of its Committee of Creditors through a competitive bidding process under the Insolvency and Bankruptcy Code, 2016. Pursuant to implementation of the Resolution Plan, SEUPPTCL has become a wholly owned subsidiary of Resurgent Power.
Resurgent Power is a Joint Venture based out of Singapore co-sponsored by Tata Power and ICICI Venture and has other global reputed institutions as investors. It was set up to acquire stressed assets in the Indian Power Sector. Tata Power International (TPIPL) (a wholly owned subsidiary of Tata Power), owns 26% stake in Resurgent Power. ICICI Bank (ICICI Bank) owns 10% stake in Resurgent Power and the balance 64% is held by other global investors.
Tata Power Company is India’s largest integrated power company.
| Company Name | CMP |
|---|---|
| NTPC | 396.10 |
| Tata Power | 435.70 |
| Adani Power | 203.05 |
| Power Grid Corp | 319.30 |
| Torrent Power | 1622.05 |
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